Metax Engineering Corporation, the homegrown environmental engineering specialist, says it posted a net profit attributable to equity holders of $1.1 million for the full year ended 30 June 2010 (FY2010) compared to a loss of $5.1 million for FY2009.

Metax attributes this improvement to the consolidation of full-year’s contribution by WS Bioengineering and its subsidiaries.

Group revenue rose by 65.8% to $47.27 million for FY2010 from $28.51million for FY2009. The higher revenue was generated from projects in the palm oil refining and nutrients extraction industry to $37.93 million in FY2010 from $22.77 million in FY2009.

Meanwhile, revenue generated by Water and Wastewater Treatment projects also increased to $6.99 million in FY2010 from $2.15 million in FY2009. The group’s gross profit increased 391.7% to $9.16 million in FY2010 from $1.86 million in FY2009.

Projects from the palm oil refining and nutrients extraction industry contributed $6.43 million, while Water and Wastewater Treatment projects and Hydro-engineering projects contributed $2.26 million and $0.47 million, respectively.

In terms of financial position, the group’s net asset value increased by 105.2% from $9.84 million as at 30 June 2009 to $20.20 million as at 30 June 2010. The increase was due to the issuance of new shares for $8.86 million and warrants for $0.20 million, says Metax.