SINGAPORE (May 9): Rotary Engineering saw 1Q17 earnings surge to $3.7 million from $0.5 million a year ago.
Revenue fell 8% to $59.6 million as the group reached completion on its major project.
Cost of sales fell a steeper 15% to $44.9 million.
Other income was lower in 1Q17 due to a gain in disposal of property of $0.5 million and wage credit grants of $0.6 million in 1Q16.
The group also recognised a net positive foreign exchange difference of $0.4 million during 1Q17.
As at end March, the group’s order book, excluding maintenance, stands at $435.9 million.
Roger Chia Kim Piow, Chairman and Managing Director of Rotary said, “Automation and prefabrication are some of the ways in which we have increased our operational efficiency. This is in line with the national effort to increase productivity in the construction industry.”
Shares of Rotary Engineering closed at 38 cents.
