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Hyflux Ltd, Singapore
COMPANY WATCH
Hyflux Ltd, Singapore
Met-Pro Corp, USA
Key Figures (S$ million) Second quarter ended 30.6 2012
2011
190.4
111.1
Revenue Other Income
1.6
2.8
124.2
55.9
Personnel Expenses
19.2
14.2
Profit before Taxation
21.6
19.4
Net Profit
18.5
15.6
Six months ended 30.6 2012
2011
329.3
197.9
3.3
4.0
209.3
99.3
Personnel Expenses
37.3
25.9
Profit before Taxation
27.8
23.0
Net Profit
27.8
23.0
Materials/Consumables Expenses
Revenue Other Income Materials/Consumables Expenses
10
Filtration Industry Analyst
Net Sales Of Which: Product Recovery/Pollution Control Mefiag Filtration Filtration/Purification
the Middle East North Africa (MENA) region falling 86.2% to S$7.3 million reflecting the near completion of desalination projects in Algeria and Oman. Performance for the corresponding six-months followed a similar pattern with sales up 66.4% on the 2011 comparator at S$329.3 million and net profit 20.9% stronger at S$27.8 million. Going forward, Olivia Lum, Hyflux’s executive chair and CEO, said the global outlook remained challenging. “However, we still see opportunities in the MENA region and we are well positioned to capture these,” she said. Significant events during the period included the signing of a joint agreement with Hitachi and Itochu Corp for a major desalination project at the Dahej Special Economic Zone in Gujarat state, India. ■ www.hyflux.com
2011
28.0
23.1
13.2 3.5 3.0
9.6 3.2 2.9
2.4
2.2
(0.5) 0.4 0.2
(0.1) 0.2 0.2
1.6
1.5
Six months ended 31.7 2012
2011
Income from Operations Of Which: Product Recovery/Pollution Control Mefiag Filtration Filtration/Purification Net Income
Net Sales Of Which: Product Recovery/Pollution Control Mefiag Filtration Filtration/Purification Income from Operations Of Which: Product Recovery/Pollution Control Mefiag Filtration Filtration/Purification
COMMENT Membrane systems manufacturer Hyflux has continued to record strong growth in fiscal 2012 with its second quarter sales increasing 71.4% on the year earlier to reach S$190.4 million, while its net profit for the period rose 18.6% to total S$18.5 million. Revenue from the municipal sector continued to be the main contributor to Hyflux’s growth, with the segment’s sales increasing 82.1% on the year earlier quarter to S$176.6 million – equivalent to 93% of the total. In contrast, sales in Hyflux’s industrial sector fell 8.5% to S$11.9 million. In terms of geography, Asia (excluding China) was the biggest revenue contributor during the quarter. The region posted S$146.1 million in sales for the period, equivalent to 77% of the total and up 564% on a year earlier. Conversely, sales were down sharply in
Key Figures (US$ million) Three months ended 31.7 2012
Net Income
53.2
46.5
23.7 6.4 5.4
18.0 6.3 5.3
4.2
4.3
(0.9) 0.3 0.1
(0.5) 0.4 0.3
2.9
2.9
COMMENT Met-Pro Corp delivered a 21% increase in second quarter net sales and 29% growth in backlog. Net sales for the second quarter ended 31 July 2012 were US$28.0 million, up 21% on last year. Net income for the second quarter was US$1.6 million compared with US$1.5 million for the same period last year. Second quarter new orders were up 7% to US$31.5 million. As a result, the company’s backlog of orders increased by US$3.5 million for the quarter reaching US$33.9 million as of 31 July 2012, an increase of 29% on the same point last year. The majority of the current backlog is expected to be shipped during this fiscal year.
Raymond De Hont, MetPro chairman and CEO, said that the company was encouraged by its success penetrating new markets and expanding its customer base. “The significant increase in revenues and growth in bookings and backlog in the quarter are strong indicators that our marketing strategy has been effective in increasing share in our targeted end markets,” said De Hont. “Each of our business segments contributed to the strong top line growth, with three of our business segments generating operating profits that led to a 10% increase in earnings in the quarter compared with the same period a year ago.” ■ www.met-pro.com
September 2012
Hyflux Ltd, Singapore
Met-Pro Corp, USA
Key Figures (S$ million) Second quarter ended 30.6 2012
2011
190.4
111.1
Revenue Other Income
1.6
2.8
124.2
55.9
Personnel Expenses
19.2
14.2
Profit before Taxation
21.6
19.4
Net Profit
18.5
15.6
Six months ended 30.6 2012
2011
329.3
197.9
3.3
4.0
209.3
99.3
Personnel Expenses
37.3
25.9
Profit before Taxation
27.8
23.0
Net Profit
27.8
23.0
Materials/Consumables Expenses
Revenue Other Income Materials/Consumables Expenses
10
Filtration Industry Analyst
Net Sales Of Which: Product Recovery/Pollution Control Mefiag Filtration Filtration/Purification
the Middle East North Africa (MENA) region falling 86.2% to S$7.3 million reflecting the near completion of desalination projects in Algeria and Oman. Performance for the corresponding six-months followed a similar pattern with sales up 66.4% on the 2011 comparator at S$329.3 million and net profit 20.9% stronger at S$27.8 million. Going forward, Olivia Lum, Hyflux’s executive chair and CEO, said the global outlook remained challenging. “However, we still see opportunities in the MENA region and we are well positioned to capture these,” she said. Significant events during the period included the signing of a joint agreement with Hitachi and Itochu Corp for a major desalination project at the Dahej Special Economic Zone in Gujarat state, India. ■ www.hyflux.com
2011
28.0
23.1
13.2 3.5 3.0
9.6 3.2 2.9
2.4
2.2
(0.5) 0.4 0.2
(0.1) 0.2 0.2
1.6
1.5
Six months ended 31.7 2012
2011
Income from Operations Of Which: Product Recovery/Pollution Control Mefiag Filtration Filtration/Purification Net Income
Net Sales Of Which: Product Recovery/Pollution Control Mefiag Filtration Filtration/Purification Income from Operations Of Which: Product Recovery/Pollution Control Mefiag Filtration Filtration/Purification
COMMENT Membrane systems manufacturer Hyflux has continued to record strong growth in fiscal 2012 with its second quarter sales increasing 71.4% on the year earlier to reach S$190.4 million, while its net profit for the period rose 18.6% to total S$18.5 million. Revenue from the municipal sector continued to be the main contributor to Hyflux’s growth, with the segment’s sales increasing 82.1% on the year earlier quarter to S$176.6 million – equivalent to 93% of the total. In contrast, sales in Hyflux’s industrial sector fell 8.5% to S$11.9 million. In terms of geography, Asia (excluding China) was the biggest revenue contributor during the quarter. The region posted S$146.1 million in sales for the period, equivalent to 77% of the total and up 564% on a year earlier. Conversely, sales were down sharply in
Key Figures (US$ million) Three months ended 31.7 2012
Net Income
53.2
46.5
23.7 6.4 5.4
18.0 6.3 5.3
4.2
4.3
(0.9) 0.3 0.1
(0.5) 0.4 0.3
2.9
2.9
COMMENT Met-Pro Corp delivered a 21% increase in second quarter net sales and 29% growth in backlog. Net sales for the second quarter ended 31 July 2012 were US$28.0 million, up 21% on last year. Net income for the second quarter was US$1.6 million compared with US$1.5 million for the same period last year. Second quarter new orders were up 7% to US$31.5 million. As a result, the company’s backlog of orders increased by US$3.5 million for the quarter reaching US$33.9 million as of 31 July 2012, an increase of 29% on the same point last year. The majority of the current backlog is expected to be shipped during this fiscal year.
Raymond De Hont, MetPro chairman and CEO, said that the company was encouraged by its success penetrating new markets and expanding its customer base. “The significant increase in revenues and growth in bookings and backlog in the quarter are strong indicators that our marketing strategy has been effective in increasing share in our targeted end markets,” said De Hont. “Each of our business segments contributed to the strong top line growth, with three of our business segments generating operating profits that led to a 10% increase in earnings in the quarter compared with the same period a year ago.” ■ www.met-pro.com
September 2012