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Thursday, 23 February 2012

Rotary Engg FY2011 profit falls 51%, cuts dividend to 2cts/shr


Rotary Engineering on Thursday reported a 69 per cent decrease in earnings for the fiscal fourth quarter ended Dec 31, 2011 to $8.32 million from a year ago.

Revenue decreased 19 per cent year on year to $129.76 million from $156.56 million, due to fewer projects executed as a result of a delay in commencement of certain projects.

For the fiscal full year ended Dec 31, the group's earnings decreased 51 per cent year on year to $31.02 million from $63.74 million.

Turnover slipped 25 per cent year on year to $530.87 million from $704.24 million. However, gross profit margin remained stable.

Earnings per share for the fiscal year was 5.5 cents, down from 11.2 cents a year ago.
A 2 cents per share final cash dividend has been recommended. Together with the one cent per share interim dividend paid in September, the total dividends for FY2011 will be 3.0 cents per share.

In the preceding financial year, Rotary paid 3.8 cents per share final dividend and one cent per share interim dividend.

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