Moya's Q1 profit after tax dips 26%

WATER treatment company Moya Holdings Asia in a business update posted a first-quarter profit after tax of S$9.5 million, down 26 per cent from S$12.9 million in the previous year.

Earning per share stood at 0.22 Singapore cent, down from 0.31 cent in the first quarter of 2020. Net asset value per share was 7.67 Singapore cents for the first quarter, up from 7.04 cents for the same period a year earlier.

Revenue for the three months ended March 31 rose 10 per cent to S$62.9 million from S$57 million a year earlier, owing to the inclusion of revenue from Obor Infrastructure and its subsidiaries following the completion of the the acquisition of the Obor group in March last year. There was also a lift in revenue from the new operation and maintenance of water supply system in Batam, which began operations in the previous quarter.

First-quarter Ebitda (earnings before interest, tax, depreciation and amortisation) was up 18 per cent to S$27.1 million attributed to improved operations efficiency.

The group managed to maintain positive operating cash flow for for Q1 given that most commercial and industrial customers have resumed operations. As a result, payment collection from customers have also improved.

Still the group is closely monitoring the collection process and will continue to maintain close communication with its customers to minimise disruption to its operating cash flow, said Moya.

"Due to the general market uncertainties arising from the Covid-19 pandemic, the group will closely monitor the global economic condition and mandatory health protocol implementation that might affect the expansion growth of the group," it added.

Barring any unforeseen circumstances, the group expects to remain profitable for the half year ending June 30.

Shares of Moya ended Monday flat at 6.8 Singapore cents.