Civmec Q4 net profit slides 96.3%

CONSTRUCTION and engineering group Civmec Limited on Wednesday posted a net profit of A$120,000 (S$112,420) for the fourth quarter ended June 30, down 96.3 per cent year-on-year from A$3.2 million previously.

This came on the back of lower revenue, which declined 66.1 per cent to A$73.4 million from A$216.5 million due to projects completing in the period, and timing of commencement of new projects.

Civmec, which is dual-listed in Singapore and Australia, posted earnings per share of 0.02 Singapore cent, down from 0.64 cent a year ago.

For the full year, net profit fell 66.5 per cent to A$6.08 million from A$18.1 million, as a result of lower revenue and recognised cost overruns on some near-completed engineering, procurement and construction projects in the period.

Revenue decreased 30.5 per cent to A$488.5 million as projects were completed during the year. Earnings per share was 1.21 Singapore cents, compared to 3.62 cents in FY2018.

Civmec declared a cash dividend per share of 0.7 Singapore cent, the same as in the corresponding period of the previous year.

Shares of Civmec closed flat at S$0.335 on Wednesday.