OCBC drops coverage on KSH Holdings post FY19 earnings miss

SINGAPORE (June 3): OCBC Investment Research is ceasing coverage on KSH Holdings, citing “reallocation to resources” after the construction group’s latest set of financial results missed expectations on the back of poorer-than-expected margins.

KSH Holdings' FY19 earnings down 75% after changes to accounting treatment

SINGAPORE (May 31): KSH Holdings has announced FY19 earnings of $7.7 million for FY19, down 74.8% from a restated $30.4 million in FY18 after changes to accounting treatment which are in line with International Financial Reporting Standards (IFRS).

Ley Choon sinks into 4Q, FY19 losses on lower margins

SINGAPORE (May 30): Ley Choon Group reported a loss of $5.2 million for the 4Q ended March, sinking into the red from its 4Q18 profit of $0.3 million due to lower margins.  

This brings the group to a full year loss of $9.6 million as opposed to FY18 earnings of $1.5 million a year ago.

Revenue for 4Q19 grew 2.8% y-o-y to $27.9 million from $27.1 million due to higher contributions from small diameter pipe projections, as well as the sale of construction materials.

Yongnam on track for a potential turnaround in FY20, says CGS-CIMB

SINGAPORE (May 23): CGS-CIMB Research is maintaining its “add” call on Yongnam Holdings with an unchanged target price of 33 cents, which is pegged to 0.7 times FY19F P/BV based on a 20% discount to the long-term average of 0.9 times.

To recap, Yongnam recently announced it had secured contracts worth $120.8 million for infrastructure works in Singapore, Hong Kong and India.

This bring the group’s orderbook to $448 million, the highest in seven years.

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.

OKP Holdings 1Q earnings fall 62% to $1.1 mil on lower revenue

SINGAPORE (May 6): OKP Holdings posted earnings of $1.1 million for the 1Q ended March, falling 62.4% from earnings of $2.8 million in 1Q18 on lower revenue and gross profit, together with a share of loss of associated companies and joint ventures.

Total revenue slumped 16.8% y-o-y to $19.2 million from $23 million previously due to lower contributions from the maintenance and construction segments, as fewer completed projects and lower percentages of newly-awarded projects were recognised compared to in the previous year.

Lian Beng subsidiary wins $117 mil construction contract

SINGAPORE (Mar 18): Lian Beng Group says its wholly owned subsidiary, Deenn Engineering, has a secured a contract worth $117 million to construct a building over a period of three years starting from Mar 19.

Details of the building’s location, space and functionality, nor the vendor, were not disclosed.

In a Monday filing, Lian Beng says it expects the latest contract win to contribute positively to its current financial year ending May 2019.

The group adds that its construction book now stands at $1.32 billion as at Mar 18, after factoring the latest contract.

Yongnam FY18 loss widens to $51 mil on revenue decline, provisions & overheads

SINGAPORE (Feb 28): Yongnam Holdings, the engineering and construction services provider, reported FY18 loss widened to $51 million from $17 million a year ago due to lower revenue across all segments.

In the group’s results announcement on Thursday, Yongnam notes that its bottomline was further impacted by provisions made in anticipation of lower negotiated variation orders for two structural steelworks projects, and lower margins for Thomson MRT projects.

AusGroup reports 87.9% fall in 2Q earnings to A$0.5 mil on reduced operating activity

SINGAPORE (Feb 13): Construction and engineering company AusGroup saw its earnings fall 87.9% y-o-y to A$0.49 million ($0.47 million) for the 2Q ended Dec 2018 as compared to earnings of A$4.8 million in 2Q18, due to reduced operating activity.

This brings the group’s earnings for 1H19 to A$1.8 million, down fourfold from A$7.2 million in the previous year.

Swee Hong announces $32.5 mil PUB contract win

SINGAPORE (Jan 8): Civil engineering firm Swee Hong has secured a $32.5 million contract from Singapore’s Public Utilities Board (PUB) to construct link sewers for the Deep Tunnel Sewerage System (DTSS) Phase 2 Project at Old Choa Chu Kang Road/ Jalan Bahar.

According to a factsheet issued by PUB in Nov 2017, DTSS Phase 2 is slated to complete by 2025, and will extend the deep tunnel system to cover the western part of Singapore including the downtown area and major upcoming developments such as Tengah Town and Jurong Lake District.

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