SINGAPORE (Nov 8): Civmec reported a 28.8% fall in 1Q17 earnings to $6.2 million on lower sales and higher administrative expenses.

Revenue fell 27.2% to $104.6 million while administrative expenses to $6.4 million from $5.9 million in 1QFY16.

The company’s order book currently stands at $288 million, an 85% increase from 4QFY16.

A number of Civmec’s on-site projects will be serviced from the new fabrication and precast capabilities in Newcastle, New South Wales.

The facility, once fully developed, will replicate the capabilities of the Henderson yard in Western Australia.

“There is still a significant amount of work available in the various sectors we operate in, and we believe we have positioned ourselves well to participate in many of these projects as they come online,” says Patrick Tallon, chief executive officer, Civmec.

“Tendering activity in the infrastructure as well as metals and minerals sectors in Australia is buoyant,” says James Fitzgerald, executive chairman, Civmec.

“Between July and September this year, more than $1 billion was tendered for various projects in these sectors,” he adds.

Shares of Civmec closed up 0.5 cents at 33.5 cents on Tuesday.