Rotary Engg back in the black in Q4
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SPECIALIST oil and gas contractor Rotary Engineering yesterday said it has returned to the black with a net profit of $5.17 million for the fourth quarter ended Dec 31, 2013, up from a net loss of $18.4 million a year ago.
Revenue more than doubled from $84.3 million to $181.5 million for the quarter, due to the execution of major projects secured at the beginning of the year, it said.
For the 2013 financial year, net profit surged to $20.7 million, reversing the previous year's net loss of $80.4 million, while revenue rose 34 per cent to $595 million on increased business activities from new project wins in 2013.
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