BRC Asia has posted profit after tax of $34.1 million, up 51.0% y-o-y, for 3QFY2024 ended June 30. This is inclusive of a gain on disposal of an associate of $16.5 million, announced on June 7.
Revenue for the quarter fell 17.0% y-o-y to $381.7 million, announced the steel maker on Aug 6.
Total assets fell 5.8% y-o-y to $866.91 million as at June 30, while total liabilities fell 20.8% y-o-y to $414.1 million.
Net assets as at June 30 rose 14.0% y-o-y to $452.82 million.
Cash and cash equivalents were largely flat, falling 2.3% y-o-y to $160.2 million as at June 30, while net loans and borrowings fell 65.9% y-o-y to $66.9 million.
BRC’s sales order book continued to remain robust, says CEO Seah Kiin Peng, standing at $1.32 billion as at June 30. “The duration of projects in our sales order book range up to five years and may be subject to further changes.”
See also: BRC Asia reports earnings of $22.6 million for 3QFY2023
Seah adds: “Going forward, although we continue to expect a steady pipeline of projects to be launched and awarded, particularly from the public sector, project offtake from ongoing projects remained generally disappointing over the last six months.”
Shares in BRC closed 6 cents lower, or 2.81% down, at $2.19 on Aug 6.
