HYFLUX Ltd posted a significant lift in net profit for the first
quarter, thanks to a one-time divestment of a joint venture project.
The water treatment company said that net profit for the three months
ended March 31, 2014, stood at $37.91 million, up from $8.04 million a
year ago.
This translated to earnings of 3.47 cents per share, up from 0.25 cent per share. The boost came mainly from a one-time gain of $56.9 million from its divestment of a joint venture with Marmon Water in the quarter.
Revenue for the three-month period was down 29 per cent at $88.3 million, reflecting the timing of projects' commencement this year.
The Asia ex-China market stayed the biggest revenue contributor in the quarter, making up 83 per cent of the group's total revenue. But this is down from 87 per cent in the year-ago quarter.
This translated to earnings of 3.47 cents per share, up from 0.25 cent per share. The boost came mainly from a one-time gain of $56.9 million from its divestment of a joint venture with Marmon Water in the quarter.
Revenue for the three-month period was down 29 per cent at $88.3 million, reflecting the timing of projects' commencement this year.
The Asia ex-China market stayed the biggest revenue contributor in the quarter, making up 83 per cent of the group's total revenue. But this is down from 87 per cent in the year-ago quarter.
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