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Hyflux swings to losses of $26.1 mil in 3Q

PC Lee
PC Lee11/9/2017 5:57 PM GMT+08  • 2 min read
Hyflux swings to losses of $26.1 mil in 3Q
SINGAPORE (Nov 9): Water company Hyflux has reported losses of $26.1 million for 3Q17, compared with earnings of $10.3 million in the same period last year.
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SINGAPORE (Nov 9): Water company Hyflux has reported losses of $26.1 million for 3Q17, compared with earnings of $10.3 million in the same period last year.

In line with continuously weak prices in the Singapore electricity market, the Tuaspring Integrated Water and Power Project, which has been classified as a held for sale asset, continued to register losses of $26.6 million. Excluding results from Tuaspring, earnings came in at $0.5 million for 3Q17.

Excluding Tuaspring, revenue for 3Q17 dipped to $98.0 million from $248.5 million in the previous corresponding financial quarter. The drop in revenue came on the back of lower Engineering, Construction and Procurement (EPC) contributions from the TuasOne Waste-to-Energy (WTE) project in Singapore and Qurayyat Independent Water Project (IWP) in Oman, in line with planned construction schedules.

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