Tritech Group, the ground engineering specialist, says net profit decreased 8.7% to $6.4 million in the financial year ending Mar 31 (FY2010) from $7 million in FY2009. Group revenue increased by 2.4% to $42.3 million from $41.3 million.

Revenue from specialist engineering services increased by $8.5 million from $20.6 million in FY2009 to $29.1 million in FY2010, including $1.5 million in revenue from SysEng (S) Pte Ltd, which became a wholly-owned subsidiary last July.

Revenue from ground and structural engineering services decreased by $7.6 million from $20.7 million to $13.1 million mainly due to reduced demand from private sector clients in this business segment, in line with the global economic downturn experienced in the first half of FY2010.

The group’s gross profit decreased by $0.8 million from $16.9 million in FY2009 to $16.1 million in FY2010. Gross profit margin decreased slightly from 40.9% in FY2009 to 38.0% in FY2010 mainly due to the increased competition.

The Group has a healthy cash balance of $16.0 million as at 31 March 2010, an increase from approximately $10.6 million as at 31 March 2009. This increase is mainly due to the proceeds from the placement exercise undertaken by the Group and cash generated from the Group’s operations.