Ryobi Kiso Holdings, the ground engineering solutions provider specialist, has reported a 84.9% fall in net profit of $564,000 for the three months ended September 2011 (1Q2012) from $3.7 million in the year ago period (1Q2011).
Group revenue decreased 8.3% to $28.4 million in 1Q2012. Bored piling revenue contribution increased 25.5% to $24.1 million, from on-going projects such as HDB Woodlands N1C19. However the strong growth was offset by significantly lower revenue contribution from eco-friendly services. Revenue contribution from eco-friendly services had decreased 63.7%, from $11.7 million to $4.3 million, largely due to smaller scale projects undertaken by the group in the current period.
Gross profit was $3.8 million, a decrease of 51.5% from a year ago due to margins pressures from intense competition and higher material costs such as concrete and rebar; and higher depreciation costs arising from increase in purchase of machinery and equipment.
Gross profit margin was 13.5%, compared to 25.5% in 1Q2011. However, gross margin had improved from the 8.2% achieved in the previous quarter (4Q2011).
Ryobi Kiso says the group’s net order book as at 30 September 2011 stood at $79.0 million, comprising major public infrastructure projects, public housing projects, private residential condominium projects, commercial and institutional projects, as well as geoservices. Major projects secured in 1Q2012 include HDB Sengkang N3C18, Arc at Tampines Avenue 8, Lake Vista at Yuan Ching Road, The Meyerise, Hedges Park; and SSG Tower and Saigon Golf Country Club and Residences in Ho Chi Minh City.
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