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Civmec 3Q earnings fall 66% to $0.8 mil

PC Lee
PC Lee5/12/2017 05:54 PM GMT+08  • 1 min read
Civmec 3Q earnings fall 66% to $0.8 mil
SINGAPORE (May 12): Civmec, the provider of multi-disciplinary construction and engineering services, reported 3Q earnings fell 65.5% to $848,000 from a year ago, given the completion of a joint venture project.
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SINGAPORE (May 12): Civmec, the provider of multi-disciplinary construction and engineering services, reported 3Q earnings fell 65.5% to $848,000 from a year ago, given the completion of a joint venture project.

Revenue for the three months ended March rose 1.6% to $74.1 million. Gross profit increased 8.6% to $7.0 million while administrative expenses decreased 23.4% to $5.6 million as the group continually reviewed overhead costs.

During the quarter, the group was successful in securing a number of contracts including a large EPC contract, in joint venture with Amec Foster Wheeler (ACJV) for the Gruyere Project Joint Venture.

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