Plant and terminal engineering specialist PEC has reported a 167% rise in net profit after tax to $20.2 million for the financial quarter ended 31 March 2010 (3QFY2010) from $7.6 million in 3QFY2009.

Revenue hit $129.5 million, a 37% increase over the $94.3 million on the back of increased contribution from both project works and maintenance services. Project works revenue increased mainly due to higher revenue from ongoing project works in Singapore, the commencement of a project work in Malaysia and the one off settlement of some outstanding project claims, while revenue from maintenance services benefited from the commencement of some major maintenance works in China.

Cash and cash equivalents for the group stood at $96.4 million as at 31 March 2010.

As at 31 March 2010, PEC’s order book for new and on-going project works was $300 million, which has not taken into account the
118 million ($209 million) tank terminal contract in Rotterdam secured by the Group’s 50/50 joint venture – Verwater-Audex B.V.