PEC Ltd., the plant and terminal engineering specialist, has reported a 50% increase in net profit attributable to shareholders to $16.3 million for the six months ended 31 December 2009 (H1 FY2010) from $10.9 million in H1 FY2009.

The group says it achieved this increase despite a slight decrease in revenue by 3% to $213.4 million due mainly to lower revenue contribution from maintenance activities.

However, the gross profit increased by 3% to $50.5 million as a result of a decrease in cost of materials and other direct costs attributed to the provision of a foreseeable loss in Q2 FY2009. Gross profit margin in H1 FY2010 improved to 24% from 22%.

Earnings per share for the group was 6.5 cents for the six months ended Dec 31 2009.

PEC’s recent win of a US$174.5 million ($245 million) contract to provide engineering, procurement and construction works for an oil terminal in Malaysia boosted the group’s order book to approximately $360 million as at Dec 31 2009.

Part of these on-going and new project works are expected to be completed and recognised as revenue in FY2010.

PEC also recently announced that it was awarded a maintenance service contract with SRC for their refinery in Jurong Island.