Weaker Aussie dollar, lack of one-off gain hurt Civmec Q4 earnings

A WEAKER Australian dollar and the lack of a one-off tax gain recorded the previous year weighed down results for Civmec in its 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. The decline in revenue was due partly to an approximately 10 per cent decline in the Australian dollar against the Singapore dollar over the period, it said.

It added that its net profit for the year-ago period had included a one-off tax gain from forming a tax-consolidated group.

Q4 earnings per share sank to 0.26 Singapore cent from 1.31 Singapore cents in the previous year. Net asset value per share edged up to 32.11 Singapore cents as at June 30, from 30.29 Singapore cents as at a year ago.

Dividend per share was unchanged at 0.7 Singapore cent . Civmec shares last closed flat at S$0.385 on Wednesday. The counter was not traded on Thursday.