INDONESIAN water treatment company Moya Holdings Asia posted a net profit of S$11.9 million for the third quarter of 2020, nearly tripling from S$4.24 million it had reported for the corresponding quarter a year ago.

 

Revenue for Q3 was 15 per cent higher year-on-year at S$59.65 million owing to the consolidation of the profit and loss of Obor Infrastructure and its subsidiaries into the group' s financial statements from March 19, 2020.

 

Moya said: " Despite the pandemic, which caused a decrease in the water sales volume of the commercial and industrial customers served by the group in Indonesia, the group experienced an increase in the water sales volume consumed by households due to the increase in hygiene awareness."

 

It added: " The group managed to improve its operations efficiency to maintain profitability, which resulted in higher Ebitda and net profit after tax in Q3 2020 and 9M 2020, compared to the corresponding period in the previous financial year 2019."

 

Earnings per share improved to 0.27 Singapore cent for Q3 2020, from 0.1 Singapore cent a year ago.

 

For 9M 2020, profit after tax jumped to S$29.28 million from S$10.49 million previously, while revenue climbed 22 per cent year-on-year to S$175.52 million.

 

Moya went on to highlight that payment collection has improved with the easing of large-scale social restrictions, with most commercial and industrial customers commencing normal operations.

 

However, the group will delay " several potential projects" , while keeping a close eye on global economic conditions and mandatory health protocols that could affect the group' s expansion.

 

Moya expects to remain profitable for the financial year ending Dec 31, 2020 - barring unforeseen circumstances.