Rotary Engineering reports net profit of S$22.7m on revenue of S$401.1m

As at 30 September 2011:


 Order book: S$758m

 Cash position: S$130m

 Net assets: S$301m
 
MAINBOARD-LISTED ROTARY Engineering


Limited (罗德里工程有限公司) (the Group or Rotary), a leading provider of engineering, procurement, construction and maintenance (EPCM) services to the oil and gas and petrochemical industries, today announced results for its nine months ended 30 September 2011. It turned in profit after tax attributable to parent of S$22.7 million compared to S$37.8 million a year ago, on the back of revenue of S$401.1 million relative to S$544.7 million previously.

Despite the decrease, the Group recorded a slight improvement in gross profit margin of 21 per cent. Earnings per share stood at 4.0 cents for the nine months to 30 September 2011.

With two significant EPC contracts in the Middle East, Saudi Arabia continued to be a major contributor to the Group’s revenue, accounting for 62 per cent, followed by Singapore at 28 per cent, and the rest from ASEAN and other markets. The two projects in the Middle East that Rotary is currently working on are: a US$745 million EPC contract from Saudi Aramco Total Refining and Petrochemical Company (SATORP) in Saudi Arabia, and a US$250 million contract for Fujairah Oil Terminal in the United Arab Emirates.