Civmec Q3 net profit rises 20% to A$14.6 million

CONSTRUCTION and engineering services provider Civmec reported on Wednesday (May 10) a 20.2 per cent year-on-year increase in net profit for its third quarter, despite lower revenue.

Net profit for the three months ended Mar 31 rose to A$14.6 million (S$13.09 million) from A$12.1 million in the year-ago period, the company said in a business update filed to the Singapore Exchange.

Its revenue for the third quarter fell 2.7 per cent to A$187.8 million, from A$192.9 million in Q3 FY22.

Civmec said the group secured several new contracts as well as contract extensions during the quarter, and maintained a “strong order book” of close to A$1.2 billion.

For the nine-month period ending Mar 31, Civmec’s revenue grew 4.2 per cent on year to A$606.6 million. Net profit for the nine months rose 23.4 per cent to A$42.9 million.

Net asset value per share stood at A$0.8005 as at Mar 31, 2023, up from A$0.7392 as at Jun 30, 2022.

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Civmec shares closed unchanged on Wednesday at S$0.705 before the business update.