Rotary's Q1 net profit falls 20%, cautiously optimistic

By

Angela Tan

Oil and gas related Rotary Engineering Limited reported on Wednesday that its net profit for the fiscal first quarter ended March 31, 2013 fell 20 per cent from a year ago to S$2.52 million.

Revenue dropped 23 per cent to S$102.83 million as new projects have just started during the quarter.

These projects include two major projects such as the US$250 million contract for Fujairah Oil Terminal in the United Arab Emirates and the S$300 million expansion of the oil terminal at Pulau Busing in Singapore.

Looking ahead, Rotary's chairman and managing director Chia Kim Piow said the prospects for the oil and gas industry were bright due to strong demand for energy from China, India and the ASEAN.