SINGAPORE (Feb 26): During 4Q17, Nordic’s earnings has increased by 12% to $4.35 million, compared to $3.82 million in 4Q16.

This brings FY17 earnings to a record $15.3 million, 20% higher than $12.7 million in FY16.

Revenue for the quarter was 10% higher at $20.8 million from $18.9 million a year ago, mainly due to higher revenue from the Maintenance Services segment, which saw revenue double to $11.2 million from $5.62 million in 4Q16.

This was however partially offset by a 28% y-o-y revenue decrease in the group’s Project Services segment to $9.59 million.

With cost of sales increasing by 2% y-o-y to $13.5 million, gross profit for the quarter was $7.21 million, 28% higher than $5.64 million last year.

Finance costs were 48% higher at $0.31 million from $0.32 million in the previous year, mainly due to higher interest expenses from increase in interest rates and more borrowings from the acquisition of Ensure.

Administrative expenses increased by 29% to $2.95 million compared to $2.28 million a year ago, due to higher administrative expenses contributed by Ensure.

The group recorded other losses of $0.19 million during the period, compared to other gains of $1.0 million last year, due to foreign exchange losses from the weakening of USD against SGD.

During the quarter, the group recorded income tax credit of $0.63 million compared to income tax expenses of $0.28 million a year ago, due to overprovision of tax expense in previous years and higher productivity and innovative claims.

The group declared a final tax exempt (one-tier) cash dividend of 0.873 cents per share for FY17.

Separately, the group also announced that its System Integration and Precision Engineering Services divisions have secured $6.9 mil worth of contracts. The divisions are under its Project Services segment.

See: Nordic secures $6.9 mil worth of contracts

Chang Yeh Hong, executive chairman of Nordic says, “Our Group will continue to strive hard to build-up our order books and secure more contracts for all our business segments to enhance our shareholder value going forward.”

Shares in Nordic closed flat at 58 cents on Monday.