Hyflux’s 2Q earnings down 90% to $2.6 mil on absence of divestment gains

SINGAPORE (Aug 4): Water company Hyflux posted a 90% fall in 2Q earnings to $2.6 million from $26 million a year ago. The higher PATMI in 2Q15 was driven by divestment activities.

Revenue for the second quarter nearly tripled to $260 million from $94.8 million in 2Q15, mainly lifted by the group’s TuasOne Waste-to-Energy (WTE) project and Qurayyat Independent Water Project (IWP) in the Sultanate of Oman.

Geographically, Singapore and Middle East continued to be the key markets, accounting for 63% and 29% of total revenue respectively.

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