Hyflux's net profit surged 43% to $25.3m

Will it keep its momentum in 4Q?

According to OCBC Investment Research, Hyflux Ltd reported 3Q13 revenue jumping 26% YoY (36% QoQ) to S$187.7m, mainly due to the completion of projects in the quarter (likely Tuaspring which was commissioned on 18 Sep).

Gross margin also improved significantly to 62%, versus 41.6% in 2Q13 and 41.8% in 3Q12, thus allowing
net profit to surge 74% YoY and 43% QoQ to S$25.3m. For 9M13, revenue eased 4% to S$450.7m, meeting 68% of our full-year forecast, while net profit rose 28% to S$51.0m, or 75% of OCBC's FY13 estimate.

Here's more:

But expects a slow 4Q
However, Hyflux warns that 4Q13 may not be as strong seasonally, given the completion of Tuaspring in 3Q13, and will be mostly working on the EPC portion of the cogeneration power plant at Tuaspring.

In addition, management notes that the financial close of its Dahej project in India is likely to be in 1Q14, along with the financing package.

As such, we deem it prudent to reduce our FY13 revenue estimate by 5% and earnings by 6% (also to account for a higher depreciation expense).

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