Company Briefs: Civmec


Australian heavy engineering company Civmec has secured new contracts worth about A$50 million (S$50.1 million) for major infrastructure projects throughout the Australian state of New South Wales.

It said yesterday that it will supply critical precast components to Sydney's A$8.9 billion public transport infrastructure project, the North West Rail Link project.

The company had acquired engineering and shipbuilding company Forgacs Facilities earlier this year, which it had said would help it establish a more substantial presence in Australia's east coast to complement its strength on the west coast.

Manhattan Resources

Mainboard-listed Manhattan Resources has received shareholder approval for its proposed acquisition of a majority stake in PT Kariangau Power, a company that operates in Indonesia.

Manhattan Resources chief executive and managing director David Low said the proposed 91.28 per cent stake in PT Kariangau Power is in line with the company's strategy to add new revenue streams. It would allow it to tap into the growing demand for electricity in Indonesia.

The acquisition, which was completed after shareholders' approval, cost approximately US$35.7 million (S$48.1 million).

It will be funded by internal resources, cash generated from operations and bank borrowings.

Second Chance Properties

Second Chance Properties reported a third-quarter net profit of $3.1 million, down 27.59 per cent from the same period the previous year.

Revenue for the three months to May 31 came in 3.2 per cent lower at $10.2 million.

Second Chance operates apparel, gold and property businesses.

Revenue from the apparel business fell by $1.75 million for the nine months to May 31, going from $7.95 million to $6.2 million.

The company attributed the drop to the closure of eight shops in Malaysia, the introduction of the goods and services tax, the weakening ringgit and intense competition in Malaysia.

Earnings per share for the quarter was 0.42 cent, down from 0.64 cent for the same period last year. Net asset value per share was 33.66 cents as at May 31, down from 37.55 cents as of Aug 31 last year.

Follow ST on LinkedIn and stay updated on the latest career news, insights and more.

A version of this article appeared in the print edition of The Straits Times on June 30, 2016, with the headline Company Briefs: Civmec. Subscribe