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Rotary Engineering Q1 profit down to S$7m

MAINBOARD-listed Rotary Engineering's net profit halved to S$7.07 million for the first quarter ended March from S$14.4 million a year ago.

The oil and gas services firm's revenue fell 55 per cent over the period to S$89.39 million from S$199.17 million which the firm attributed to the completion of major projects.

Earnings per share accordingly declined to 1.2 Singapore cents from 2.5 Singapore cents.

No dividend was declared. The group's total order book stands at $207 million, of which 55 per cent involves overseas projects.

As at the period under review, Rotary's cash and short-term deposits stood at S$115.2 million with net cash position at S$104.9 million.