Mainboard-listed Rotary Engineering posted an 81 per cent slump in third-quarter earnings on the back of lower revenue.
Net profit for the three months ended Sept 30 came in at $1.2 million, well down from $6.3 million in the same period a year earlier. Revenue slid 13 per cent to $52.6 million as the group neared completion on major projects.
Earnings per share was 0.2 cent, much lower than 1.1 cents previously. Net asset value per share rose to 51 cents as at Sept 30, up on the 50.9 cents as at Dec 31 last year.
Rotary said it won contracts worth $64 million during the quarter despite the difficult conditions in the oil and gas market. Its order book, excluding maintenance, stood at $153.9 million. Rotary shares closed flat at 39 cents yesterday, before the results were announced.
Chip Eng Seng Corporation
Lower contribution from the property development division dragged down third-quarter earnings at Chip Eng Seng Corporation by 57.9 per cent.
The construction and property group reported a net profit of $5.7 million in the three months to Sept 30, compared with $13.6 million in the same period the year before.
Revenue shrank 13.7 per cent to $67.9 million on lower turnover in the property development division, although this was partially offset by higher contribution from its construction division, said the group. Earnings per share came in at 0.92 cent, down from 2.18 cents previously. Net asset value per share was 120.83 cents as at Sept 30, little changed from the 120.50 cents as at Dec 31, 2015.
Chip Eng Seng shares closed unchanged at 64.5 cents, before the results were released.
Developer Heeton Holdings swung into the red in the third quarter despite a rise in revenue.
The group logged a net loss of $11.2 million for the three months to Sept 30 - a 317.3 per cent decline from a net profit of $5.2 million in the same quarter a year ago. This came even as revenue surged 108.7 per cent to $18.8 million.
No dividends were declared for the period.
Loss per share was 3.46 cents, compared with earnings per share of 1.88 cents previously, while net asset value per share stood at 100.47 cents as at Sept 30, lower than the 104.46 cents as at Dec 31. The group said the short-term outlook for the Singapore property market continues to be challenging.