Hyflux predicts record profits for 2008-9
Singapore-based membrane-maker Hyflux may post record profits this year and next, according to an interview with Bloomberg.com on 11 December 2008.The reason, according to chief executive officer Sam Ong is because governments will be increasing infrastructure spending to help economic growth.
Ong quotes an order book of more than Sing$ 1 billion (US$ 670 million) making 2008 a record year and predicts that 2009 "can be better". Hyflux's profit more than tripled to Sing$ 45.6 million in the nine months to 30 September compared with Sing$ 13.3 million in the same period a year earlier.
However, the company's stock slumped by 48% in 2008. The company is currently valued at Sing$ 872 million.
© Faversham House Group Ltd 2008. Water. desalination + reuse news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.