SINGAPORE: Troubled water treatment firm Hyflux chalked up a net loss of S$1.1 billion for the nine months ended Sep 30, 2018, as it took a hefty S$916 million impairment on the carrying value of its largest asset along with other write-downs.
Hyflux said the latest valuation is based on a recent market study conducted by K4K Training & Advisory SL – the same consultant who did a similar market study two years ago.“The view taken in this most recent market study is significantly different from that in 2016 due to the following reasons: the losses in the electricity market in the recent years and the projected lower spark spreads for the remaining concession period," it wrote.
“It really shouldn’t be a surprise based on reports of what we've seen on Tuaspring’s sale process,” he told Channel NewsAsia, referring to a Bloomberg report last October which said Sembcorp Industries was the only party that submitted a final bid for the Tuaspring project.
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