BRC Asia, one of the largest prefabricated steel reinforcement providers in Singapore, reported net profit of $16.5 million for its financial year ended 30 September 2012 (FY2012), 9% higher compared to a year ago.
FY2012 saw BRC’s revenue rising by more than $100 million to a record level of $388.4 million. This was driven by record sales volume in a buoyant local construction market and a tightening of the foreign labour supply by the Government which has pushed building contractors to increase their adoption of more productive building methods including prefabricated steel reinforcement.
Hence, gross profit rose 26% to $37.5 million despite margin falling to 9.7% in FY2012 from 10.5% in FY2011.
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