Civmec 4Q earnings plunge 96% to $0.1 mil on lower revenue

SINGAPORE (Aug 28): Civmec, the construction and engineering services provider, saw its earnings plunge 96.3% to A$120,000 ($112,600) for the 4Q19 ended June, from A$3.2 million a year ago.

Earnings per share fell to 0.02 cent for 4Q19, compared to 0.64 cent in 4Q18.

This brings the group’s full year earnings to A$6.1 million for FY19, some 66.5% lower than earnings of A$18.1 million a year ago.

The decline came on the back of lower revenue in 4Q19, which dropped 66.1% to A$73.4 million, from A$216.5 million a year ago.

Civmec's 3Q earnings fall 98.1% to $0.1 mil after accounting for project cost overruns

SINGAPORE (May 14): Civmec, the construction and engineering services provider headquartered in Australia, has announced 3Q19 earnings of A$0.14 million, ($0.13 million) representing a 98.1% decline from its earnings of A$7.2 million a year ago.

This comes after accounting for existing and forecasted cost overruns on some near-completed engineering, procurement and construction (EPC) projects, says Civmec in its results filing on Tuesday.

Civmec posts 76.3% drop in 2Q earnings to $1.22 million on lower revenue and higher finance costs

SINGAPORE (Feb 14): Civmec announced 2Q19 earnings fell 76.3% to A$1.26 million ($1.22 million) compared to A$5.31 million in 2Q18.

This brings 1H19 earnings to A$5.81 million, 24.0% lower than A$7.65 million in 1H18.

Revenue for 2Q19 declined 21% to A$134.9 million from A$170.7 million a year ago, due to projects completing in the period.

As cost of sales also dropped by 20.4% y-o-y to A$130.9 million, gross profit for 2Q19 came in at A$4.03 million, 36.2% lower than A$6.31 million in 2Q18.

Civmec to achieve dual-listing status after admission to ASX on Friday

SINGAPORE (June 21): Civmec, the multi-disciplinary construction and heavy engineering provider, will achieve dual-listing status following its official listing on the Australia Stock Exchange (ASX) tomorrow.

Civmec is based in Australia and currently listed on the Singapore Exchange (SGX).

Civmec's 3Q earnings surge more than eightfold to $7.2 mil on higher projects contributions

SINGAPORE (May 14): Civmec, the provider of engineering services, reported third quarter earnings surged more than eightfold to $7.2 million in 3Q18 ended March from 3Q17 on higher contributions from projects in the sectors it operates.

The Australia-headquartered heavy engineering and construction services company said gross profit increased to $13 million in 3Q18 from $7.0 million in 3Q317 as revenue increased to $193.3 million from $74.1 million.

Civmec employee dies in accident at Western Australia waste treatment plant

SINGAPORE (Apr 20): Civmec Construction and Engineering, the heavy engineering and construction provider, says one of its workers has died onsite at the Woodman Point Wastewater Treatment Plant in Munster, a suburb in Perth, Western Australia.

In a Friday afternoon filing, Civmec says the details of the industrial incident are not yet known, and that Australian government statutory body Worksafe, as well as the emergency services have been notified and were present on site.

Civmec awarded contract for Australian offshore patrol vessel project

SINGAPORE (Apr 16): Civmec has won a contract from Luerssen Australia, a subsidiary of German shipbuilder Lürssen, to supply and process steel for all 12 vessels to be built for Australia’s SEA 1180 Offshore Patrol Vessel (OPV) project.

While the value of the latest contract with Luerssen was not specified, Civmec says its order book now stands in excess of A$800 million ($815.8 million) with the award.   

Phase 1 of the SEA 1180 OPV project will replace and improve upon 13 Armidale Class Patrol Boats with the acquisition of 12 new vessels.

Civmec reports 17-fold surge in 2Q earnings to $6.9 mil on higher revenue

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.

Civmec to participate in construction of Australia's new offshore patrol vessels

SINGAPORE (Nov 24): Civmec, the multi-disciplinary construction and engineering services provider, will be engaged in Australia’s upcoming A$4 billion ($4.1 billion) project to construct offshore patrol vessels (OPVs) as part of the country’s efforts to regenerate its naval capability.

In a media release issued by the Turnbull government on Friday, it is revealed that the 12 OSVs will be designed and built under German designer Lürssen.

Construction of the first two ships will utilise ASC Shipbuilding in Adelaide, with the first of the 12 OPVs to start production in 4Q18.

Civmec reports 39% fall in 1Q earnings to $3.8 mil on lower margins

SINGAPORE (Nov 7): Civmec, the provider of heavy engineering and construction services headquartered in Australia, reported 1Q18 earnings fell 38.6% to $3.8 million from $6.2 million a year ago.

Revenue came in 34.1% higher at $140.3 million from $104.6 million as projects ramped up. Projects secured in 1Q18 included steel fabrication works for Perth’s Swan River Pedestrian Bridge, which it will undertake as part of an Alliance, and a contract with Jemena for the Northern Gas Pipeline in Australia’s Northern Territory.

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