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Civmec Q4 earnings drops 35.4%

A SHARE in the loss of a joint venture along with higher administrative expenses dented results for Civmec in its fourth quarter.

The Australia-headquartered construction and engineering services provider to the oil and gas, metals and minerals, infrastructure and defence sectors said that the higher administrative costs reflected the group's investment in securing large engineering, procurement and construction (EPC) projects.

Net profit dived 35.4 per cent to S$956,000 from the year-ago period, the group said in a Singapore Exchange filing on Tuesday evening.

For the three months ended June 30, revenue rose 10.5 per cent to S$97.7 million from the previous year.

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Earnings per share fell to 0.19 Singapore cent from 0.26 Singapore cent in the year-ago period. Net asset value per share rose to 34.95 cents as at June 30, 2017 from 32.11 cents a year ago.

Dividend per share was flat at 0.7 Singapore cent.

Civmec shares finished flat at 60 Singapore cents on Tuesday.