SINGAPORE (Aug 23): Ryobi Kiso Holdings posted earnings of $0.8 million for the full year ended June, swinging out from losses of $11.4 million a year ago.
This was mainly due to the absence of a one-off items which amounted to other losses of $13.9 million a year ago. These comprised the one-off unrecoverable progress claim of $7.4 million that was written off, and the one-off impairment loss of goodwill of $5.6 million in relation to its Australia subsidiaries in FY2016.
Revenue fell 24.2% to $144.8 million in FY2017, from $191.0 million a year ago.
Revenue from bored piling operations tumbled 32.5% to $69.0 million in FY2017, mainly due to lower value of work undertaken in the current year.
The group also saw revenue from its eco-friendly piling, geoservices and other operations fall 13.6% to $73.2 million in FY2017.
As at end June, cash and cash equivalents stood at $21.7 million.
The group’s net order book stood at $173.6 million as at June 30, 2017.
Looking ahead, the group says it expects the outlook for the construction industry to remain challenging due to keen competition and continued weakness in private sector construction.
Ryobi Kiso has proposed a final dividend of 0.4 cent per share for FY2017. This is 33% higher than the final dividend of 0.3 cent paid a year ago.
Shares in Ryobi Kiso last closed at 17.9 cents on Aug 11.
