Hyflux sinks into the red in 2Q

Hyflux sinks into the red in 2Q

By: 
Stanislaus Jude Chan
03/08/17, 05:36 pm

SINGAPORE (Aug 3): Water solutions provider Hyflux sank to a net loss of $25.1 million for the 2Q17 ended June, from earnings of $2.6 million a year ago.

This was mainly attributable to the Tuaspring Integrated Water and Power Plant (Tuaspring), which contributed to a loss of $20.9 million due to weak power spreads in the Singapore market.

Tuaspring has been classified as ‘Held for Sale’.

Excluding Tuaspring, Hyflux posted a net loss of $4.2 million in 2Q17, compared to earnings of $32.4 million a year ago.

This was on the back of lower revenue, tumbling 65% to $81.8 million, from $231.1 million a year ago.

The decline in revenue was due to lower engineering, procurement and construction (EPC) activities for the TuasOne Waste-to-Energy (WTE) project in Singapore and the Qurayyat Independent Water Project (IWP) in the Sultanate of Oman.

In a filing to SGX on Thursday, Hyflux says this was in line with planned construction schedules.

The decline was partially mitigated by revenue recognised for its projects in the Kingdom of Saudi Arabia, which began construction during the quarter.

Cash and cash equivalents stood at $204.6 million as at end-June.

Looking ahead, Hyflux says losses are expected in the next two quarters as continued weakness in the Singapore power market is expected to adversely affect the group’s performance for the rest of 2017.

Shares in Hyflux closed half a cent higher at 49.5 cents on Thursday.

Najib arrested for alleged tampering of 1MDB report

SINGAPORE (Dec 10): Malaysia’s ex-prime minister, Najib Razak, has been arrested yet again by the Malaysian Anti-Corruption Commission (MACC). But this time, over the “tampering” of the 1Malaysia Development Berhad (1MDB) final audit report. Najib arrived at the MACC headquarters earlier today at 10.40am, apparently to assist in investigations regarding the above allegations. He was later arrested at about 11.00am. At around 1.20pm, Najib was released after posting bail. MACC is believed to charge Najib and former 1MDB president Arul Kanda this Wednesday over the alleged tamperi....
Read More >>

Singapore authorities block New Noble listing

SINGAPORE (Dec 10): The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) have barred Noble Group from transferring its listing status to New Noble as part of its restructuring process. This comes after a “careful review” of the findings to-date from the ongoing investigations into the commodities trader and its Singapore-incorporated subsidiary Noble Resources International (NRI). According to a joint statement by MAS, the Commercial Affairs Department (CAD) and SGX RegCo, the decision to block the New Noble listing arose from doubts about New Noble’....
Read More >>

Balancing profit and motive

SINGAPORE (Dec 10): On Dec 5, the UK government published a trove of internal Facebook emails and other documents that suggested the social media platform sought to trade users’ data with advertisers, or wield it for strategic advantage with third-party applications. Facebook has been under increasing scrutiny amid privacy concerns, and the backlash to the news was to be expected. In its defence, Facebook said it was seeking a way to ensure the sustainability of its business. As a business, Facebook should indeed be looking for the best way to monetise or leverage its assets — users’ ....
Read More >>
Active management can deliver attractive returns amid tightening liquidity, says Charles Schwab

SINGAPORE (Dec 10): In the last few years, passive fund management has become increasingly popular a