Civmec's earnings hurt by weaker Aussie dollar

Singapore

DIVERSIFICATION into sectors outside of energy and mining is beginning to bear fruit for heavy engineering services firm Civmec, though a weaker Australian dollar and the lack of a one-off tax gain recorded for the previous year weighed down its results for its fiscal fourth quarter.

Net profit plummeted 77.4 per cent to S$1.5 million from the previous year, the group said in a Singapore Exchange filing on Thursday evening. For the three months ended June 30, revenue tumbled 22.9 per cent to S$88.4 million from the year-ago period.