Hyflux bucks recession with 79% profits jump

Hyflux, the Singapore-based water treatment and desalination company, reported record earnings for the financial year ending December 2008.

Profits jumped from Sing$ 32.9 million (US$ 21.5 million) a year ago to Sing$ 59 million (US$ 38.5 million), arise of 79% despite the global economic slowdown. Its revenue more than doubled last year to hit Sing$ 544 million (US$ 355 million).

Things do not seem to be slowing. Hyflux reports projects are ahead of schedule, and it has even had requests to further speed up development. The company warns, however, that it will likely be more selective in taking up new projects in China, focusing on pure EPC work and taking up stakes only when it has already secured the support of banks.

Chief financial officer Sam Ong said in an interview with Reuters on 25 February 2005, that Hyflux saw positive long-term growth for its main business of water treatment and desalination plants and would continue to focus on its core markets of China and North Africa.

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