SINGAPORE (Feb 8): CEI Limited today posted a profit after tax of $6.5 million for the full year ended Dec 2017, declining 25% from its earnings of $8.8 million for FY16 on higher costs.
A second and final dividend of 0.4 cent, as well as a special dividend of 3 cents, has been declared for the financial year.
Revenue for FY17 grew 5% to $136.8 million from $130.3 million previously, with gross profit margin remaining unchanged at 23.1%.
General and administrative costs grew 12.2% to $19.1 million, while selling and distribution costs rose 12.1% to $4.7 million over FY17. The higher overall costs were mainly due to an increase in salaries and headcounts to support higher order books in FY17.
Notably, finance costs fell 65% to $0.3 million from $1 million the year before as a result of lower borrowings.
Taxation for FY17 grew to $1.4 million from just $0.4 million in FY16, mainly attributable to a one-off write-back of the over-provision of taxation and tax incentives which were recognised in FY16.
After accounting for the lower profit after taxation, earnings per share (EPS) on a fully diluted basis has fallen to 7.53 cents compared to 10.16 cents previously.
Net asset value (NAV) per share as at end-2017 decreased to 44.68 cents from 46.33 cents a year ago, as dividends paid in FY17 was higher than the underlying net profit.
As at end Dec 2017, CEI Limited has orders on-hand worth $55.4 million compared to $46.8 million in the same period a year ago, most of which are expected to be fulfilled within the current financial year.
The group says it expects to remain profitable for FY18.
