PEC, the plant and terminal engineering specialist, has reported net profit after tax for the full year ended 30 June 2010 (FY2010) increased by 96% to $48.2 million from S$24.5 million in FY2009.

PEC says the rise in net profit came on the back of a 35% increase in gross profit from $91.4 million to $123.2 million, as well as an increase in gross profit margin to 26% in FY2010 from 21% in FY2009.

On a quarterly basis, net profit for the three months ended 30 June 2010 (4QFY2010) rose 137% to $10.8 million from $4.5 million in 4QFY2009 while revenue fell 1% to $124.4 million.

Revenue in FY2010 grew 6% to $467.4 million from $440.5 million in the previous year mainly due to increased contributions from project works in Singapore and Malaysia as well as maintenance services in China that were partially offset by the decrease in project revenue in the Middle East.

On a segmental basis, revenue from project works comprised about 73% of group revenue in FY2010, with revenue from maintenance services and other operations making up the balance. Geographically, Singapore continued to be the group’s largest market, contributing about 83% of group revenue in FY2010. The group posted earnings per share of 17.9 cents in FY2010, up from 12.0 cents in FY2009.

As at 30 June 2010, the group’s order book for ongoing and new project works was $260 million.

The board recommended a total dividend of 4.0 cents per share comprising a final dividend of 2.0 cents plus a special dividend of 2.0 cents per share.