22-05-2013, 07:33 AM
The Straits Times
www.straitstimes.com
Published on May 22, 2013
Boustead's Q4 revenue up but profit down
By Magdalen Ng
DIVERSIFIED engineering specialist Boustead Singapore has posted a 15 per cent decline in fourth-quarter net profit to $27.7 million from the same period last year.
This was despite an 11 per cent increase in revenue for the quarter ended March 31 to $146.1 million, it announced yesterday.
But Boustead said full-year figures were a far better guide as the company's business was largely project-based, which meant quarterly results did not accurately reflect performance.
Full-year profit shot up 46 per cent year-on-year to $81.4 million. This includes net gains from the disposal of available-for-sale investments and write-backs of the overprovision of tax, as well as tax refunds.
Revenue for the year rose 26 per cent to $513.2 million.
The real estate solutions division turned in the best revenue of $251.8 million, up 88 per cent and accounting for almost half of the group's topline.
This was mainly owing to the progressive recognition of a sizeable order book backlog of design-and-build projects.
Revenue from the group's geo-spatial technology division was up 6 per cent at $114.4 million for the full year, on the back of strong demand for software and services in Australia.
However, revenue from its energy-related engineering division slid 3 per cent to $122 million.
Revenue from the water and wastewater engineering division sank 38 per cent to $25 million as a result of the implementation of fewer major projects.
Mr Wong Fong Fui, chairman and group chief executive of Boustead, said: "Prospects for the existing four core operating divisions appear mixed for the financial year 2014.
"We expect conditions in the industrial real estate market to be challenging, but this will be slightly compensated for by bright spots in the oil and gas market."
The board of directors proposed a final dividend of three cents per share, and a special dividend of two cents per share. This will bring the total dividend for the year to seven cents per share.
Earnings per share for the year was 16.2 cents, up from 11 cents a year earlier. Net asset value per share was 60 cents at March 31, up from 50.4 cents last year.
Boustead Singapore's shares rose 0.5 cent to $1.52 yesterday.
songyuan@sph.com.sg
www.straitstimes.com
Published on May 22, 2013
Boustead's Q4 revenue up but profit down
By Magdalen Ng
DIVERSIFIED engineering specialist Boustead Singapore has posted a 15 per cent decline in fourth-quarter net profit to $27.7 million from the same period last year.
This was despite an 11 per cent increase in revenue for the quarter ended March 31 to $146.1 million, it announced yesterday.
But Boustead said full-year figures were a far better guide as the company's business was largely project-based, which meant quarterly results did not accurately reflect performance.
Full-year profit shot up 46 per cent year-on-year to $81.4 million. This includes net gains from the disposal of available-for-sale investments and write-backs of the overprovision of tax, as well as tax refunds.
Revenue for the year rose 26 per cent to $513.2 million.
The real estate solutions division turned in the best revenue of $251.8 million, up 88 per cent and accounting for almost half of the group's topline.
This was mainly owing to the progressive recognition of a sizeable order book backlog of design-and-build projects.
Revenue from the group's geo-spatial technology division was up 6 per cent at $114.4 million for the full year, on the back of strong demand for software and services in Australia.
However, revenue from its energy-related engineering division slid 3 per cent to $122 million.
Revenue from the water and wastewater engineering division sank 38 per cent to $25 million as a result of the implementation of fewer major projects.
Mr Wong Fong Fui, chairman and group chief executive of Boustead, said: "Prospects for the existing four core operating divisions appear mixed for the financial year 2014.
"We expect conditions in the industrial real estate market to be challenging, but this will be slightly compensated for by bright spots in the oil and gas market."
The board of directors proposed a final dividend of three cents per share, and a special dividend of two cents per share. This will bring the total dividend for the year to seven cents per share.
Earnings per share for the year was 16.2 cents, up from 11 cents a year earlier. Net asset value per share was 60 cents at March 31, up from 50.4 cents last year.
Boustead Singapore's shares rose 0.5 cent to $1.52 yesterday.
songyuan@sph.com.sg
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