Hyflux 2Q revenue falls 25% on lower China contribution
Hyflux Ltd, Singapore’s biggest publicly traded water company, reported a 25 percent year-on-year drop in revenue, citing lower contributions from China. Sales declined to S$138.4 million ($109 million), according to a statement to the Singapore Stock Exchange on Tuesday. Net income was S$17.7 million, higher than S$17.5 million a year earlier. The company’s lower revenue from China was due to “macro factors,” according to the statement. The water company withdrew from two water projects at the Hechuan Industrial park in Chongqing city because of a “foreseeable low offtake volume of the water’, it said.