By Singapore Newsroom
KUALA LUMPUR (Aug 03) -- Hyflux, a Singapore-based water treatment company, said Thursday it swung to a net loss in the fiscal second quarter, owing to lower revenue from the engineering, procurement and construction activities in the TuasOne waste-to-energy project and the Qurayyat Independent Water Project in Singapore and Oman, respectively.
Excluding results from Tuaspring water and power plant that has been classified as held for sale, net loss for the quarter ended Jun. 30 stood at S$4.19 million ($3.08 million) against a net profit of S$35.36 million in the year-ago period, the company said in a stock exchange filing. Revenue excluding Tuaspring fell 64.62% to S$81.76 million from S$231.07 million a year earlier.
"Continued weakness in the Singapore power market is expected to adversely affect the group's performance for the rest of 2017 and we expect losses in the next two quarters," the company said.
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