PEC records 27% decline in Q4 net profit amid challenging year

Chief executive of PEC Robert Dompeling, seen here in a 2009 file photo, said it had been another challenging year for the company and that, to boost revenues, PEC is strengthening its presence in Asia and the Middle East. The engineering group recor
Chief executive of PEC Robert Dompeling, seen here in a 2009 file photo, said it had been another challenging year for the company and that, to boost revenues, PEC is strengthening its presence in Asia and the Middle East. The engineering group recorded a 27 per cent decline in fourth quarter net profit to $3.7 million, while revenue for the period fell 16 per cent to $122.5 million. -- PHOTO: ST FILE

SINGAPORE - Engineering group PEC recorded a 27 per cent decline in fourth quarter net profit to $3.7 million, while revenue for the period fell 16 per cent to $122.5 million.

For the full year ended June 30, the company's net profit slid 26 per cent to $9 million, partly due to an increase in expenses.

Full-year revenue slid 19 per cent to $439.7 million.

Group chief executive Robert Dompeling said it had been "another challenging year, with little relief from rising costs and keen competition".

To boost revenues, the company is strengthening its presence in Asia and the Middle East, he added.

Earnings per share for the year fell to 3.6 cents from 4.8 cents a year earlier. Net asset value per share was 83.9 cents as at June 30, up from 83 cents a year earlier.