Rotary Engineering posts 51% fall in full-year net profit to $8.3m

Rotary Engineering reported a 69% decrease in earnings for the fiscal fourth quarter ended Dec 31, 2011 to $8.32 million from a year ago.

Revenue decreased 19% to $129.76 million from $156.56 million a year ago, due to fewer projects executed as a result of a delay in the start of certain projects.

For the full year ended Dec 31, the group's earnings decreased 51% to $31.02 million from $63.74 million a year ago.

Revenue fell 25% to $530.87 million from $704.24 million while gross profit margin remained flat.

A 2 cents per share final cash dividend has been recommended. Together with the one cent per share interim dividend paid in September, the total dividends for FY2011 will be 3 cents per share.