SINGAPORE (May 10): PEC reported third quarter earnings dropped 59% to $1.27 million in 3Q18 from $3.10 million in 3Q17.

Revenue for the quarter came in at $95.6 million, 14% lower than $110.9 million last year.

As cost of sales dropped 20% to $74.5 million, gross profit for 3Q18 stood at $21.1 million, 22% higher than $17.3 million a year ago.

Gross profit margin increased by 6 percentage points to 22% from 16% in the previous year.

Other operating income dropped 84% to $0.51 million from $3.13 million last year.

Administrative expenses increased by 22% y-o-y to $7.19 million, while finance expenses were 20% up y-o-y at $0.14 million.

Other operating expenses dropped 9% y-o-y to $11.6 million. .

Looking forward, the group is actively participating in several tenders and pursuing the conversion of these into new orders and will continue to maintain strict cost discipline and improve operational efficiency.

Shares in PEC closed at 60 cents on Thursday.