SINGAPORE (Aug 22): Civmec, the integrated construction and engineering services provider, announced earnings of $8.4 million for the full year ended June, down by half from the $17.4 million reported in FY16 on lower revenue.
Revenue for the full year declined 12.8% to $346 million from $396.7 million for the previous year, due to prior delays which took place earlier in the year in terms of securing and commencing new projects.
Gross profit for the period fell 14.8% to $37.1 million from $43.5 million in FY16, even as gross margin remained steady at 10.7%, down just 0.2 percentage points from that of the previous year.
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