Published June 19, 2009

Options yield $817,000 paper gain for Hyflux CEO

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OLIVIA Lum, chief executive officer and president of water treatment company Hyflux, has exercised share options for 750,000 shares resulting in a paper gain of some $817,725.

Ms Lum: Her direct stake has been raised from 31.83% to 31.97%. Her deemed stake stays at 1.9%. She now holds some 178.23m shares

This is based on the consideration of $1.0197 per share and Hyflux's closing share price of $2.11.

The exercise raised her direct stake in the company from 31.83 per cent to 31.97 per cent (calculated based on the total issued and paid-up share capital of some 526.25 million ordinary shares). Her deemed stake stays at 1.9 per cent.

She now holds some 178.23 million shares, which includes the 10 million shares from deemed interests.

For the first quarter ended March 31, Hyflux reported an 11 per cent fall in net profit to $5.1 million, compared with $5.7 million for the corresponding period last year.

The company said this was because it had enjoyed a net tax credit for the period last year.

Sales for the quarter were down 2 per cent to $88.2 million from $89.6 million.

Fully diluted earnings per share fell to 0.98 of a cent, from 1.08 cents last year.