SINGAPORE (Feb 12): Construction & engineering services provider Civmec saw its earnings for 2Q18 surge 17-fold to $6.9 million from $0.4 million in 2Q17 as revenue more than doubled.
Revenue for 2Q18 ended Dec grew 158.7% to $179.7 million from $69.4 million a year ago due to higher contributions from existing contracts as projects ramped up during the period.
However, gross margin decreased on-year to 4.5% from 9.3% in 2Q17, even as gross profit was up 33.2% at $8.6 million compared to a year ago, due to the impact of proceeds of a significant insurance claim relating to a fire at end-Sept 2017 which was recorded under Other Income.
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