SINGAPORE (Aug 29): Plant and terminal engineering company PEC has posted FY16 earnings of $18.8 million, reversing a $6.9 million loss from a year ago.
Revenue rose 15% to $575.1 million, mainly due to an increase in revenue contributed from overseas project works. The increase was partially offset by a decrease in revenue from maintenance services.
In its outlook, the group expects the global process industry to remain challenging in the near to medium term due to continued volatility in crude oil prices.
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