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Moya Holdings net profit up more than five-fold to S$7.2m

MOYA Holdings Asia's net profit for the second quarter ended June 30 rose to S$7.2 million, more than six times the Q2 2017 net profit of S$1.2 million, due mainly to contribution from a new acquisition.

Revenue for the quarter was up 130 per cent year-on-year to S$48.6 million from S$21.1 million, the Indonesia-based water treatment company said in its results release after the market closed on Wednesday.

The latest quarterly results took first-half net profit to S$16 million, up from S$2.5 million for the first half of FY2017, and first-half revenue to S$93.6 million, up from S$33.3 million.

The rise was mainly attributable to a full six-month contribution from the Acuatico Group, acquired in June 2017, compared to a one-month contribution in the first half of FY2017, said Moya Holdings. Acuatico Group contributed S$73 million in the first half of FY2018, representing 78 per cent of total revenue.

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Earnings per share for the second quarter were 0.26 Singapore cent, compared to 0.04 Singapore cent for Q2 2017.

The group said it will continue to consolidate private water treatment players in Indonesia via mergers and acquisitions.

Moya Holdings shares closed up 0.1 Singapore cent or 1.1 per cent at 9.3 Singapore cents on Wednesday before the results release. (see amendment note)

Amendment note:

An earlier version of the story incorrectly said Moya Holdings shares closed at 93 Singapore cents. It should have been 9.3 Singapore cents. The article above has been revised to reflect this.