Civmec Limited (“Civmec” or the “Group”) announced today a net profit of S$6.7 million for the quarter ended 31 December 2017 (“Q2 FY2018”),
up from S$0.4 million a year ago (“Q2 FY2017”), on strong revenue growth.
Revenue increased over 2.5 times to S$179.7 million in Q2 FY2018 from S$69.4 million inQ2 FY2017 on the back of higher contributions from existing contracts as the Group ramped up projects. In line with the higher revenue, gross profit rose 33.2% to S$8.6 million.
Fully diluted earnings per share for Q2 FY2018 rose to 1.38 Singapore cents from 0.08 Singapore cent for Q2 FY2017. Net asset value per share amounted to 35.85 Singapore cents as at 31 December 2017 compared to 34.95 Singapore cents as at 30 June 2017.
For the six months ended 31 December 2017 (“1H FY2018”), the Group generated revenue of S$320.0 million, up 83.8% from S$174.1 million for the same period a year ago (“1H FY2017”). Higher contributions from existing projects drove the increase. The higher revenue,
lifted Civmec’s net profit for 1H FY2018 to S$10.7 million from S$6.6 million for 1H FY2017.
The Australia-headquartered heavy engineering and construction services firm had an order book of S$573.5 million as at 31 December 2018.
The Group expects to secure further contracts during the remainder of the calendar year amid strong tendering activity across its operating sectors in Australia.
As announced by the Federal Government on 25 November 2017, Civmec was a participant in the successful tender to build twelve Royal Australian Navy’s Offshore Patrol Vessels (“OPVs”). The Government also announced that Civmec will supply all the steel for the
twelve OPVs and are in negotiations to finalise the contract for the Group’s part in the ten OPVs to be built in Western Australia.
Mr. Patrick Tallon, Civmec’s Chief Executive Officer, said, “We are very pleased with our strong revenue and profit for the period. Following significant effort to secure a strong order book over the previous year, we are now realising the rewards of this campaign.”
Mr Tallon also said, “We are very enthusiastic about the recent Government announcement on the OPV tender program”.
The process to dual list on the Australian Securities Exchange has progressed. The Group has received in principle approval to issue an information memorandum to list on the ASX. The market will be informed on relevant developments.
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