Civmec Q2 profit falls 34.6% on weaker Australian dollar

AUSTRALIAN engineering company Civmec's net profit fell 34.6 per cent year on year to S$4.8 million for the quarter ended Dec 31, 2015 on the back of a weakening Australian dollar.

This comes up to 0.96 Singapore cent per share, down from 1.47 Singapore cents per share a year ago, the company said on Thursday. Revenue shrank by 27.6 per cent to S$91.5 million.

Calculations were based on an average exchange rate of 1.0096 Singaporean dollar to one Australian dollar. This was at 1.1386 Singaporean dollar a year ago.

For the six months ended Dec 31, 2015, net profit fell 26.8 per cent when compared to the same period a year ago to S$13.5 million.

Revenue for the first half declined 20.6 per cent to S$235.4 million from S$296.6 million a year ago.

Civmec shares slipped 1.3 per cent, or half a Singapore cent, to close at 38.0 Singapore cents on Thursday.