Company Briefs: Rotary Engineering

Rotary Engineering

Mainboard-listed Rotary Engineering secured contracts worth about $65 million between November and early this month. The firm said in a Singapore Exchange filing yesterday that the diverse nature of the deals demonstrated its capability to execute projects beyond tank storage construction.

One of the deals is for a $19 million jetty in Jurong Island. Rotary also secured two contracts worth $33 million involving piping, mechanical, civil, and electrical and instrumentation work on Jurong Island.

It also secured various contracts worth about $10 million for maintenance, and scaffolding and insulation works, among others. It noted a steady demand for upgrading and maintenance works for brownfield plants, though investment in oil and gas exploration and production has taken a hit, along with low oil prices.


Innovalues

Precision engineering firm Innovalues posted weaker fourth-quarter earnings on the back of lower sales from its automotive business.

Net profit fell 10.8 per cent to $4.9 million while revenue for the three months to Dec 31 dropped 3.7 per cent to $26.9 million. The sales slump was partially offset by higher turnover in the office automation business.

Earnings per share for the quarter fell to 1.48 cents from 1.68 cents a year earlier, while net assets value per share was 25.34 cents as of Dec 31 last year, compared with 21.87 cents as of Dec 31, 2014. The board proposed a final dividend of 1.2 cents and a special dividend of 1.4 cents per share.


CWT

Logistics provider CWT announced a dividend payout of six cents per share despite a decline in earnings for the year. Net profit fell 3 per cent to $108.9 million while revenue for the 12 months to Dec 31 fell 30 per cent to $9.9 billion. This was due to provisions for losses from the Tianjin blasts in August, lower trading volume of naphtha and a general drop in commodity prices.

Earnings per share for the year fell to 18.14 cents from 18.73 cents a year earlier, while net asset value per share was 139.8 cents as of Dec 31, compared with 127.5 cents as of Dec 31, 2014. Chief executive Loi Pok Yen said: "We continue to strengthen our balance sheet amid market turmoil throughout the past year. We took a prudent, conservative approach of not expanding aggressively in 2015 and were rewarded with a decent financial performance."

A version of this article appeared in the print edition of The Straits Times on February 19, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe