ASIA WATER NEWS IN BRIEF

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* Hyflux has posted record profits for the second year in a row, generating a net profit of S$75.0 million (US$53.8 million) in 2009, up 27% on 2008.

This was despite a 5% fall in revenues from S$554.2 million ($397.3 million) to S$524.8 million ($376.3 million).

* Meanwhile, following its recapitalisation and bail-out, shares in Asia Water Technology began trading again on 17 February after a five-month suspension. Although the stock closed at S$0.10 at the end of the first day’s trading, it halved in value over the ensuing weeks, partly as a result of the company announcing losses of RMB179.9 million ($26.3 million) in 2009, up a staggering 900% on 2008.

* Hyflux subsidiary Hydrochem has been awarded a S$35.8 million (US$27.6 million) EPC contract for Singapore’s largest MBR plant, a 68,000m3/d facility which will be built at the existing Jurong Island Water Reclamation Plant. Hyflux was also awarded a S$43.8 million (US$31.4 million) EPC contract to supply the first stage of an SWRO plant for Tuas Power Ltd. The plant will supply desalinated water for use by petrochemical facilities in the Tembusu area of Jurong Island, and will eventually reach a design capacity of 182,000 m3/d.

* Maynilad Water Services, the West Zone concessionaire for Manila in the Philippines, has announced plans to borrow up to $100 million from local banks to fund its capex programme through to 2011. The company plans to spend up to PHP7 billion ($152 million) each year up until 2012 to increase network coverage and reduce NRW losses.

* Efforts by Japanese private water companies to increase their international presence have yielded a further cooperation agreement. Mitsubishi Corporation and JGC Corporation have each acquired a 33.3% stake in Ebara Corporation’s wholly-owned subsidiary Ebara Engineering Service (EES) Co.

* The Japan International Cooperation Agency (JICA) will provide a $92 million loan to the government of Papua New Guinea for the Port Moresby sewerage system upgrade. The project includes construction of a sewage treatment plant which will control the outflow of untreated sewage into the Pacific Ocean.