This growth was partially offset by an 11.5% y-o-y decline in the corrosion prevention division, which generated $8.2 million due to the company's exit from the water distribution business. 1HFY2024 also saw the gross profit margin increase by 9.2 percentage points to 35.5%, which helped gross profit surge by 153.4% to $21.3 million.
Beng Kuang Marine on Aug 5 announced its 1HFY2024 ended June results, which saw the group clock in earnings of $8.6 million, turning around from a loss of $854,000 in the same period a year ago. While this was mainly thanks to a one-off gain from a partial land sale amounting to $5.53 million, the group’s revenue did show some promising growth of 88.1% y-o-y to $59.9 million.
The revenue growth was thanks to the group’s infrastructure engineering division, which saw strong growth of 141.7% y-o-y to $50.1 million, accounting for 83.6% of overall revenue. This was mainly due to the strong performance by its 51%-owned subsidiary ASOM.
