Rotary Engg Q1 earnings shoot up to $14.4m
THANKS to a near doubling in revenue and better gross profit margin, Rotary Engineering posted a quantum leap in first-quarter earnings.
The specialist oil-and- gas contractor recorded a net profit of $14.4 million or 2.5 cents per share for the January-March quarter, up from $2.5 million or 0.4 cent per share a year ago.
Revenue for the quarter was $199.2 million - up from $102.8 million a year ago - as execution of its current projects gained momentum.
"We started this year on a good note," said chairman and managing director Chia Kim Piow at a briefing yesterday. "The good and encouraging Q1 results were in part contributed by our productivity efforts in an environm…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Meta profits soar but costs of AI cause worry
IBM falls on weak consulting sales, overshadowing HashiCorp deal
Oil settles lower as US business activity cools, concerns over Middle East ease
Europe: Stoxx 600 falls on banks drag; tech contains losses on ASMI boost
US: Stocks end flat ahead of key inflation data
TikTok suspends new app’s reward programme amid EU concerns