Moya Holdings Asia's profit after tax surges in Q3

INDONESIAN water-treatment company Moya Holdings Asia posted a post-tax profit of S$11.9 million for Q3 2020, nearly three times the S$4.24 million earned in the corresponding quarter a year ago.

Revenue for the third quarter was 15 per cent higher year-on-year at S$59.65 million, owing to the consolidation of the profit and loss of Obor Infrastructure and its subsidiaries into the group's financial statements from March 19, 2020.

Moya said: "Despite the pandemic, which caused a decrease in the water sales volume of the commercial and industrial customers served by the group in Indonesia, the group experienced an increase in the water sales volume consumed by households due to the increase in hygiene awareness."

Earnings per share improved to 0.27 Singapore cent for Q3 2020, from 0.1 Singapore cent a year ago.

However, the group will delay "several potential projects", while keeping a close eye on global economic conditions and mandatory health protocols that could affect its expansion.

Moya expects to remain profitable for the financial year ending Dec 31, 2020, barring unforeseen circumstances.

The counter closed at 6.8 Singapore cents, down 1.45 per cent or 0.1 cent, on Wednesday.