Hyflux's Q2 net profit up 21%

SINGAPORE: Singapore-based water solutions company Hyflux's second quarter net profit grew 21 per cent to S$17.5 million on-year.

Group revenues for the second quarter ended June 30 also hiked 71 per cent to S$190.4 million.

The company's net profit and group revenue for the first half of the year also expanded from 2011.

For the six months ended June 30, net profit rose 15 per cent to S$25.2 million, while revenues shot up 66 per cent to S$329.3 million from the same time last year.

Hyflux attributed the growth to projects in Asia outside of China.

Since its last financial year, Hyflux has adjusted its revenue profile to favour Asia, while decreasing its Middle East & North Africa (MENA) component.

Asia's collective contribution to group revenue was 94 per cent for the first six months in the financial year of 2012, in contrast to 44 per cent during the same period in 2011.

MENA contributions to group revenue on the other hand, declined from 44 per cent to S$19.3 million.

This makes up 6 per cent of group revenue over the same period.

But this does not mean that Hyflux is ditching MENA from sight completely.

Ms Olivia Lum, executive chairman and group CEO of Hyflux said: "The global outlook remains challenging. However, we still see opportunities in the MENA region and we are well positioned to capture these."

Hyflux has also proposed an interim dividend of 0.7 Singapore cents per ordinary share.

- CNA/cc