Mainboard-listed Hai Leck Holdings, the provider of scaffolding, corrosion prevention, thermal insulation, refractory, fireproofing, mechanical engineering and general civil engineering services for the Oil & Gas and Petrochemical industries, says it posted gains in net profit attributable to shareholders of $13.4 million on higher revenue of $138.3 million its full year 2010 results ending 30 June 2010.

This compares with $11.0 million net profit and revenues of $105.0 million previously. Earnings per share went up by 17% to 4.1 cents for FY2010 compared to 3.5 cents previously.

The board has proposed a one-tier tax exempt final dividend of 0.8 cent per ordinary share and special dividend of 0.2 cent per ordinary share. This works out to a dividend payout ratio of approximately 25% based on FY2010 profits and dividend yield of 3.4% based on the closing share price of 29.0 cents as at 26 August 2010. The payment date of the dividends will be announced at a later date.

Hai Leck says the higher revenues were due primarily to higher contributions from Project Services of $93.4 million which were mostly contracted in 2007 and 2008. Maintenance Services contributed $44.9 million to turnover.

On a quarterly basis, revenue increased 6% to reach $33.8 million in the fourth quarter ended 30 June 2010 compared to $31.9 million previously, due mainly to higher revenue from Project Services.

Going forward, Hai Leck says it will continue to focus on its core business in Project and Maintenance Services while expanding its customer base and extending its overseas footprints.