SGX queried Civmec as shares dipped to new low in a year

SINGAPORE - Singapore Exchange has issued a query to Civmec as shares of the construction and engineering company plummeted for more than a week.

Since March 6, shares of Mainboard-listed Civmec have nose-dived 16 cents or 24.24 per cent to 50 cents today - a new 52-week low.

The slump has persisted despite the positive news surrounding the company in recent weeks.

On March 4, the Australia-based company announced that it has won a contract for fabrication and steelworks at the new Perth Stadium. The contract has commenced and will be completed in 18 months.

Prior to the announcement, Civmec reported in February a 97.8 per cent year-on-year increase in revenue to $296.6 million for its first half ended Dec 31. Net profit for the period was $18.4 million, up 29.3 per cent compared to the previous year.