SINGAPORE (Apr 30): Water company Moya Holdings Asia reported 1Q18 earnings surged more than sixfold to $8.8 million from $1.3 million a year ago after finance income under service concession arrangements in 1Q17 was reclassified as revenue.
Revenue nearly quadrupled to $45.1 million from $12.2 million mainly due to the inclusion of water sales of $31.3 million contributed by the Acuatico Group which is in the business of developing and operating water treatment facilities and associated distribution pipelines for the distribution of clean water in Indonesia.
Moya says it is pleased with its progress in the post-merger integration of Acuatico and is focusing on the execution of its two concession arrangements and one bulk water project undertaken by its subsidiaries.
Cost of sales increased to $25.9 million from $16.9 million due to the inclusion of cost of sales of $19.0 million from Acuatico.
Gross profit increased to $19.1 million from $3.2 million. Gross profit margin improved to 42.5% from 26.5%.
Administrative expenses increased to $8.4 million from $1.2 million while finance cost increased to $9.2 million from $0.1 million.
The group also recorded other gains of $10.1 million in 1Q18 due to a foreign exchange gain compared to other losses of $0.2 million in 1Q17.
In its outlook, Moya says it will also focus on the operations of its current two BOT projects in Bekasi Regency and Tangerang City.
The company is exploring certain fund-raising activities to strengthen its financial position and fund future growth of the group.
Shares in Moya closed 0.1 cent higher at 10 cents on Monday.
