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.

Right timing: STI challenges resistance

SINGAPORE (Apr 20): Straits Times Index (Daily, 3,573) The Straits Times Index experienced an almost non-stop advance of 234 points from 3,339 a fortnight ago, when it was testing its 200-day moving average at 3,375, to 3,539. On Apr 19, the STI tested 3,604, just shy of the year’s high of 3,609 attained on Jan 24. The STI undoubtedly strengthened against the Hang Seng Index, which is still significantly below its Jan high. The rally enabled the STI to regain the confluence of its 50- and 100-day moving averages, currently at 3,475, the new support level. A break above 3,609....
Read More >>
Caption: Minority shareholder Chew Ah Kong urges shareholders to vote against the proposed 1-cent per share dividend.

Datapulse shareholders vote in favour of current board

Sharanya Pillai (Apr 20): The current board of Datapulse Technology successfully dodged an attempt to be ousted on Friday, clearing the way for the company’s controversial diversification plans into the haircare business. At a raucous extraordinary general meeting of nearly 200 shareholders, shareholders voted against resolutions to oust CEO and executive director Wilson Teng, chairman Low Beng Tin, and independent directors Rainer Teo and Thomas Ng. They also voted against resolutions to appoint the slate of directors proposed by the dissenting faction, namely Ng Bie Tjin @ Djuniarti ....
Read More >>

AusGroup bags $27 mil contract for structural, mechanical and piping installation in Western Australia

SINGAPORE (Apr 20): AusGroup’s subsidiary, AGC Industries, has been awarded a contract worth A$27 million ($27.4 million) for a structural, mechanical and piping installation package in Western Australia. The contract includes the installation of approximately 2,000 tonnes of structural steel and associated flooring and cladding; 70 tonnes of plate work; and 450 pieces of mechanical equipment for the Talison Lithium Chemical Grade Plant 2 (CGP2) expansion project at Greenbushes. The CGP2 project will significantly expand production of lithium oxide concentrates from Greenbushes. The....
Read More >>