Project services spur profit growth at Hai Leck

Hai Leck Holdings' fourth quarter net profit increased by more than half to $4.9 million from $3.2 million last year.

Revenue for the three months ended June was up 17.5 per cent to $36.8 million.

This was mainly due to higher revenue from project services.

For the full year, net profit surged by 261.3 per cent to $14 million on the back of a 62.1 per cent jump in revenue to $143.1 million.

Quarterly earnings per share grew to 1.5 cents from one cent previously while net asset value per share firmed by 5.5 cents to 32.6 cents.

Hai Leck said the weaker global economic outlook with the uncertainties in the United States, Europe and China and the recent political upheaval throughout Middle East would continue to affect the group.

"Escalating costs, tightening of foreign labour and keen competition will impact the group's margins," it noted.

A first and final dividend of two cents a share was proposed.