Profits after tax and non-controlling interest were down even more markedly, falling 44% to SGD6.1m from SGD11m. The company attributed the decline to higher costs, including depreciation charges associated with an increase in fixed assets investment, subcontracting fees and expenses for scheduled maintenance.
Gross profit margin was, however, roughly level on a quarter-by-quarter basis. Now 35%, it was 34% in Q4 2009 and 31% in Q3. This time last year, margins were 43%.
The heavy lift and haulage segment contributed revenues of SGD29.2m, down 7% from last year. The company said this was down to a fall in contribution from Thailand, where a number of big projects had been completed last year.
Chairman and managing director, Ang Kah Hong, said: “Considering the global uncertainty that we faced, this is a creditable set of results. My team has worked hard, and we have managed to secure some contracts in markets where the activity level is high, protecting our margins as best as we can.
“We continue to watch our costs vigilantly. Coupled with the positive operating cash flow, the recent capital raised and the pipeline of new business opportunities, we are in a fairly strong position and are confident that we are in a good position to overcome the challenges ahead.”
