Company Briefs: Rotary Engineering

Rotary Engineering

Rotary Engineering said it had secured an engineering, procurement and construction contract worth $140 million from Jurong Port Tank Terminals. The project is a joint venture between Jurong Port Singapore Holding and Oiltanking Investment Holdings.

Rotary's scope of work includes constructing a tank farm with 19 tanks for clean petroleum products storage, pump stations, and an interconnecting pipeline from Jurong Port Tank Terminal to Oiltanking's tank terminal.

Situated on 16ha of land, the new tank terminal is located directly opposite Singapore's Jurong Island petrochemical hub, and will be connected to it via pipelines.

CDL Hospitality Trusts

CDL Hospitality Trusts posted a 9 per cent rise in distribution per stapled security (DPS) to 2.42 cents for the first quarter after strong growth in income from its New Zealand hotel.

Gross revenue for the three months to March 31 rose by 3.9 per cent to $46.4 million.

Net property income (NPI) rose 6.4 per cent to $35.9 million year on year as the New Zealand hotel saw higher variable rental income. There was also incremental contribution from Claymore Connect.

However, the growth in NPI was partially offset by lower contributions from its Japan hotels and the Maldives resorts as well as a decline in variable rent from its Australia hotels.

Total distribution to stapled security holders, after retention for working capital, increased 10 per cent year on year to $24.1 million.

Citic Envirotech

Citic Envirotech reported a 41.2 per cent rise in net profit to $17 million for the first quarter.

The membrane-based water treatment solutions provider said its revenue grew 14.3 per cent to $113.7 million for the three months to March 31. This was mainly due to the increase in engineering business from $41.4 million to $63.5 million.

The group continued to grow its recurring water treatment business segment, which recorded a 4.7 per cent increase in revenue to $37.7 million for the quarter. Membrane sales dropped 43.4 per cent to $12.5 million due to the completion of a major project.

The company said it is well positioned to secure more projects, in view of the Chinese government's commitment to environmental conservation and pollution reduction and given its advanced membrane technologies.

A version of this article appeared in the print edition of The Straits Times on April 27, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe