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by Cheryl Tay
Boustead Singapore has recovered from its previous losses after recording a 20 percent year-on-year increase in revenue to S$131.8 million in the fourth quarter ended 31 March 2012.
The engineering services and geo-spatial technology company said losses in the fourth quarter last year were mainly due to provisions made for a contract to build and design a new township development in Libya, which was suspended in February 2011 due to civil and political unrest in the country.
The company’s net profit hit S$32.43 million during the period, while earnings per share (EPS) rose by 6.4 cents, compared with loss per share of 0.2 cents over the same period last year.
In terms of full-year results, net profit rose six percent to S$55.58 million, marking the company’s second highest net profit since it was listed in 1975. However, full-year revenue slipped 27 percent to S$408.7 million, attributed to lower revenue from engineering services business segment.
Revenue from the geo-spatial technology segment climbed 14 percent to S$108 million, exceeding the S$100 million mark for the first time, on the back of increasing demand from government agencies in the Southeast Asia.
“Having secured S$400 million in new contracts during FY12 in addition to healthy enquiry pipelines across the group, the company is in a strong position in FY2013,” noted Wong Fong Fui, Chairman and Group CEO of Boustead.
“Having successfully acquired an eight percent stake in ASX-listed manganese company OMH, we intend to seek further investment opportunities in the natural resources sector in this region.”
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