SINGAPORE (May 9): Ryobi Kiso Holdings posted earnings of $106,000 for the third quarter ended March, a decline of 59.7% compared to earnings of $263,000 a year ago.
This was mainly due to decrease in revenue and higher cost incurred for certain projects during the quarter.
Revenue fell 6.3% to $39.6 million in 3Q17, from $42.2 million a year ago.
The decline in revenue was mainly due to lower value of work done in the quarter, led by lower revenue from Ryobi Kiso’s eco-friendly piling, geo-services and other operations, which fell 19.3% to $16.7 million.
This was partially offset by bored piling operations, which grew 10.3% to $22.5 million in 3Q.
Cost of sales fell at a slower pace than the revenue decline, dropping by 4.4% to $33.7 million. Accordingly, gross profit fell by 15.8% to $5.9 million in 3Q17, compared to $7.0 million a year ago.
Cash and cash equivalents stood at $13.9 million as at March 31, 2017.
The group’s net order book stood at $178.7 million as at end-March.
Looking ahead, Ryobi Kiso says it will continue to strive to secure more projects even as it remains cautious about the local and regional markets where it operates amid a slowdown in private sector construction activities.
Shares of Ryobi Kiso last closed at 17.6 cents on May 5.
