Engineering and technology group Boustead Singapore's earnings received a boost in the fourth quarter, but the firm said "the severely depressed" global oil and gas industries had a major impact on its overall results.
Net profit spiked 124 per cent to $9.2 million for the three months to March 31 from a year earlier.
After adjusting for other gains and losses for a comparative review, net profit for the period soared 391 per cent to $5.9 million.
Revenue for the quarter dipped 19 per cent to $91 million.
For the 12 months to March 31, net profit rose 18 per cent to $33.3 million. After adjustments, net profit dipped 9 per cent to $25 million. Full-year turnover fell 11 per cent to $433.8 million.
Boustead, in a statement yesterday, said: "The group's revenue is largely derived from project-oriented businesses and, as such, quarterly results would not accurately reflect the full-year's performance."
Full-year revenue for the energy-related engineering division - hurt by the oil and gas industries - slid 25 per cent to $96.5 million.
"Despite the Organisation of the Petroleum Exporting Countries' significant cuts to global supplies, decisions on major oil and gas capital expenditures continued to be deferred,"said Boustead.
AT A GLANCE
$9.2 million (+124%)
$91 million (- 19%)
1.5 cents a share
Full-year turnover for the real estate solutions division fell 11 per cent to $228.3 million, despite being the top revenue contributor among Boustead's divisions.
It was hurt by lower revenue from the design-and-build and leasing businesses.
Boustead chief executive Wong Fong Fui said: "Even in the face of lower revenue and gross margin pressure, we maintained profitability across our three divisions. Our net profit benefited from a boost provided by significant non-recurring gains at Boustead Projects."
Quarterly earnings per share was 1.8 cents, compared with 0.8 cent a year earlier, while net asset value per share was 61.7 cents as at March 31, compared with 58.3 cents as at March 31 last year.
Boustead proposed a final dividend of 1.5 cents per share.
Its shares closed one cent higher at 88 cents yesterday.