Boustead Singapore, the infrastructure-related engineering services and geo-spatial technology group, says it achieved a revenue of $438.4 million and net profit attributable to owners of the parent of $43.1 million, a decrease of 15% and 28% respectively for the year ended 31 March 2010 (FY2010).

For the fourth quarter ended 31 March 2010 (4Q FY2010), net profit fell 59% to $14.2 million on the back of a 47% fall in revenue to $101.6 million.

The energy-related engineering division registered revenue of $122.3 million in FY2010, down 17%, negatively impacted by weakness of Pound Sterling. The water & wastewater engineering division successfully turned around in FY2010. Revenue reached $54.9 million, growing 105%. The real estate solutions division was once again the top revenue contributor at $183.7 million in FY2010 due to the continued progress on new township in Libya, decreasing 31%. Geo-spatial technology posted a revenue of $74.8 million, up 1%, underpinned by strong demand from government agencies.

But due to the $67.8 million sale of an industrial leaseback asset which was announced in December 2009 but finalised only by the end of FY2010 and a significant reduction in the share of results from associates, net profit declined. In FY2009, the sale of a leaseback asset by a 40% associate contributed $22.7 million to pre-tax profit.

The board is proposing a final cash dividend of 2.5 cents per share, which together with the interim dividend of 1.5 cents per share would total 4.0 cents per share, comparable to FY2009.

In addition, due to the group’s strong cash position, the board is proposing a special dividend of 1.5 cents per share.