Rotary Engg continues turnaround with Q3 net profit of $7.9m

Rotary Engineering continued to turn around its performance in the third quarter of this year, posting a net profit of $7.9 million compared with a loss of $66.2 million in the same period last year.

Revenue jumped 60 per cent to $184.5 million in the three months ended Sep 30, the Singapore-listed oil and gas infrastructure services company said on Wednesday. This was due to increased business activity resulting from a series of project wins since January.

"I am happy that we are continuing our turnaround momentum. Besides executing our current projects well, safely and with a high standard of quality, our other focus is to stay competitive in times of rising costs," said Rotary chairman and managing director Chia Kim Piow.

"We are consistently looking for new ideas to innovate our current work processes so as to achieve greater productivity and hopefully drive down our costs."

The company's order book stood at $847 million as at Sep 30. Two-thirds of its orders were from Singapore and Southeast Asia while the remaining third hailed from the Middle East.

Earnings per share for the group was 1.4 cents in the third quarter, compared to a loss per share of 11.7 cents in the same period a year ago.

Net asset value per share rose to 36 cents as at Sep 30, from 34 cents as at Dec 31 last year.