UOBKH’s analysts John Cheong and Heidi Mo, along with Maybank’s analyst Eric Ong, point out that delays in the timing of key project awards and the re-scheduling of projects had resulted in a 20.9% q-o-q decline in Civmec’s order books to A$633 million as at end-2024.
Australia-based engineering firm Civmec (SGX:P9D
) posted 1HFY2025 earnings of A$26.5 million ($22.59 million), down 16.9% y-o-y, which missed the expectations of UOB Kay Hian and Maybank Securities.
Revenue for the six months ended Dec 31, 2024 increased by 2.2% y-o-y to A$502.9 million. However, the company's gross margin dropped by almost 1.2 percentage points to 11.1% due to a shift in business mix and higher depreciation.
