Company Briefs: Civmec


Australia-based construction firm Civmec has entered into an agreement with Western Australia Land Authority (LandCorp) to lease an additional 7ha of land adjoining its Henderson facility in Western Australia.

The 28-year lease is effective from Friday and comes with an option for renewal for another 45 years. The lease gives Civmec more space to carry out construction, repair and maintenance of ships and submarines, including those under Australia's naval defence acquisition programmes.

The total sum for the entire lease tenure is A$26.5 million (S$28.3 million) to be paid over 28 years. The group will finance the lease through internal funds.

Ipco International

Ipco International has posted a net profit of $2.1 million in the second quarter, down 46.3 per cent from the same period a year ago, on lower foreign exchange gains and turnover.

Revenue in the three months to Oct 31 was $13.9 million, down 10.9 per cent from a year earlier on weaker takings in the semiconductor business and the China natural gas supply arm.

Earnings per share was 0.04 cent, down from 0.11 cent in the same period a year ago.

Net asset value per share was two cents as at Oct 31, unchanged from April 30.

Willas-Array Electronics

Willas-Array Electronics has posted a net profit of HK$14.6 million (S$2.7 million) in the first half, reversing a net loss of HK$39.2 million in the same period a year ago.

Revenue in the six months to Sept 30 was HK$2.07 billion, up 10.4 per cent from a year ago on the back of double-digit growth from the automotive, industrial and telecommunication segments.

The group disposed of its entire interest in the loss-making NEI Group, which designs and trades integrated circuits for the audio equipment market, last month.

Excluding a net loss of HK$1.8 million from NEI Group, first-half net profit from continuing operations was HK$16.4 million.

Earnings per share was 19.3 Hong Kong cents for the six months ended Sept 30, reversing from a loss per share of 52.02 Hong Kong cents in the same period last year.

A version of this article appeared in the print edition of The Straits Times on December 14, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe