Singapore’s Big Loser for the Week: Moya Asia

One of the biggest losers in Singapore’s share market this week is Moya Asia (SGX: 5WE). It has slumped around 21% since last Friday to close at S$0.023 on Thursday. In comparison, the Straits Times Index (SGX: ^STI) was down by only 0.2% during the same period.

Moya is a Singapore-based integrated water and wastewater company. Other companies involved in this space include Hyflux Ltd. (SGX: 600) and United Envirotech Ltd (SGX: U19).

For the nine months ended 30 September 2014, Moya Asia saw its revenue fall 41% year-on-year to S$9.5 million. The decline was mainly due to lower percentage of completion achieved for the construction revenue of the company’s Build-Operate-Transfer (BOT) projects in Indonesia.

As for the bottom line, Moyo saw losses of S$719,000 a year ago, but the company has since reversed the position, posting a profit of S$630,000 in the latest period. This was on the back of lesser losses from discontinued operations. These constitute Engineering, Procurement and Construction (EPC) projects in Cambodia. The projects were substantially completed in the last financial year and as such, the absence of project costs in the latest period bought about muted losses from discontinued operations.

Looking ahead, the firm said that it’ll be focusing on its three BOT contracts in the Bekasi Regency, the Tangerang City, and the Makassar City, Indonesia, but warned that “future results may be affected by fluctuations in the exchange rate between the IDR and the S$”.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.