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Rotary Engineering Q3 net profit down 42% to S$6.3m
Oil and gas infrastructure services firm Rotary Engineering reported net profit of S$6.3 million for the three months ended Sep 30, 2015, down 42 per cent from S$10.9 million the same quarter a year ago.
Revenue fell to S$60.3 million from S$172 million a year ago, a decrease of 65 per cent.
The fall in revenue was due to the completion of some major projects.
Net profit fell proportionally less than revenue because of higher gross profit margin, some investment income, lower administrative costs, and lower depreciation expenses because some assets have been fully depreciated.
"I am happy that we continue to be profitable in the current challenging business environment. We will continue to focus on consolidating our strength and increasing our productivity," said Rotary's chairman and managing director, Roger Chia, in a statement.
The counter fell a cent to S$0.38, down 2.6 per cent, before results were announced.