Company Briefs: SUTL Enterprise

SUTL Enterprise

Marina and yacht company SUTL Enterprise lifted second-quarter net profit by 15 per cent despite a slight dip in revenue, it said yesterday.

It clocked earnings of $686,000 for the three months to June 30, on turnover of $6.8 million, down 1 per cent on the same period last year.

The gain in profits came as SUTL shaved expenditure in areas such as staff benefits, advertising and utilities.

Earnings per share was 0.79 cent, up from 0.69 cent, while net asset value was 62.43 cents a share, against 62.71 cents as at Dec 31 last year.

Net profit for the half-year rose 7 per cent to $1.5 million despite a 5 per cent fall in revenue to $13.2 million.

Civmec

The oil and gas sector's struggles dealt a heavy blow to construction and engineering company Civmec, which saw full-year profit plunge 51.7 per cent to $8.4 million.

Turnover was 12.8 per cent lower at $346 million for the 12 months to June 30, amid delays in securing and starting new projects, the Australia-based company said yesterday.

It noted that it was banking on increased investment in the metals and minerals sectors and an infrastructure boom on Australia's east coast, which have pushed the group's order book to $610 million as of this month.

Earnings per share for the 12 months was down to 1.68 cents from 3.45 cents previously, while net asset value rose to 34.95 cents a share from 32.11 cents.

A dividend of 0.7 cent a share was proposed, the same as last year.

Lasseters International Holdings

Hotel and casino company Lasseters International Holdings fell further into the red in the full year ended June 30, it said yesterday, with losses widening to A$1.6 million (S$1.73 million) from A$481,000 the year before.

This came on the back of a 14.1 per cent revenue decline to A$56 million, largely because of a plunge in turnover from the group's property arm. Impairment in the value of property, plant and equipment also took a toll on profitability.

Loss per share was 33 Australian cents, from 10 Australian cents previously, while net asset value fell to 10.32 Australian cents, against 10.71 Australian cents the year before.

"The group continues to tread cautiously in the present soft market conditions experienced in Australia," it said.

A version of this article appeared in the print edition of The Straits Times on August 23, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe