Australian heavy engineering company Civmec, which is listed on the Singapore Exchange mainboard, reported yesterday that fourth-quarter net profit fell 77.4 per cent to $1.5 million.
Revenue declined 22.9 per cent to $88.4 million for the three months to June 30, compared with the same period a year earlier.
Earnings per share was 0.26 cent, down from 1.31 cents a year earlier, while net asset value was 32.11 cents as at June 30, up from 30.29 cents as at the same date last year.
The firm said it was profitable in the 12 months to June 30, despite prices of oil and other commodities taking a toll on the offshore, marine and mining industries worldwide.
"Civmec's diversification in recent years into other sectors with strong growth potential, such as defence and infrastructure, is expected to further underpin the group's performance going forward," it said.
Instant food and beverage manufacturer Super Group said yesterday that its Owl International unit will no longer go ahead with a joint venture.
The joint venture partners were supposed to be WA Gourmet and two individuals.
It said one of the joint venture partners breached her employment contract with another unit, Owl Beverage Specialist, which is grounds for termination under the deed.
Lion Asiapac, which has dealings in lime manufacturing, steel trading, property development and investment holding, narrowed its fourth-quarter net loss by 94 per cent.
Net loss for the three months to June 30 was $2.71 million, while revenue plunged 70 per cent to $1.96 million compared with the same period a year earlier.
The firm said this was owing to a fall in lime sales from $4.72 million to $1.96 million, "as demand plummeted under worsening market conditions". The same was said for the trading of steel consumables, which did not record any sales for the fourth quarter.
Quarterly loss per share was 3.35 cents, up from a loss of 59.68 cents a year earlier, while net asset value per share was 83.08 cents as at June 30, down from 90.68 cents as at June 30 last year.