SINGAPORE (May 12): Civmec, the provider of multi-disciplinary construction and engineering services, reported 3Q earnings fell 65.5% to $848,000 from a year ago, given the completion of a joint venture project.
Revenue for the three months ended March rose 1.6% to $74.1 million. Gross profit increased 8.6% to $7.0 million while administrative expenses decreased 23.4% to $5.6 million as the group continually reviewed overhead costs.
During the quarter, the group was successful in securing a number of contracts including a large EPC contract, in joint venture with Amec Foster Wheeler (ACJV) for the Gruyere Project Joint Venture.
As at end March, the group’s order book stands at $570.1 million which is a significant increase from the $425.0 million clinched a year ago.
Civmec says based on current timing of projects commencing, the majority of this revenue from the order book will fall into FY2018 and leaving a solid foundation for FY2019.
Tendering activity also continues to be strong with a number of tenders submitted pending award in the coming months.
Shares of Civmec closed 1 cent higher at 64 cents.
