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Rotary Engineering's Q3 profit expands by 29%

ROTARY Engineering's net profit grew 29 per cent year on year to S$1.58 million for the three months ended Sept 30 as revenue increased.

Revenue surged 43 per cent to S$75.24 million due to the execution of newly secured projects this year.

Meanwhile, earnings per share for the quarter rose from 0.2 Singapore cent to 0.3 Singapore cent.

"Amidst continued uncertainty in the global economy, the group's liquid storage terminal EPC (engineering, procurement and construction) business environment continues to remain challenging," it warned.

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As at Nov 14, the group's order book, excluding maintenance, stood at S$474.8 million.

Last month, the controlling family behind Rotary Engineering launched a joint bid with the investment arm of the Oman government to take the company private with a cash offer of S$0.46 per share. The offer was made through Orochem Pte Ltd, which is 64.7 per cent held by the Chia family and 35.3 per cent by Oman Investment Fund.