MTQ Corporation, the engineering specialist in the fabrication, repair and maintenance of oilfield equipment said earnings for the three month ended 30 June 2012 (1QFY2013) surged to $4.7 million from just $229,000 a year ago (1QFY2012).
Revenue jumped 57% to $38.4 million in 1QFY2013. This was primarily due to revenue contribution from Premier Sea & Land Pte Ltd and Pemac Pte Ltd, which were acquired subsequent to 1QFY2012. The Premier group contributed about 30% to the group’s revenue in 1QFY2013. The group’s underlying businesses, both Oilfield Engineering and Engine Systems, have performed well during the quarter under review.
Gross profit leapt 64% to $13.7 million while gross profit margin stayed strong at 35.6% in 1QFY2013 from 34.1% in 1QFY2012. Operations in Bahrain improved with encouraging sales growth and the business there continues to work towards achieving profitability.
Net profit margin was also much higher at 12.2% for 1QFY2013. The group’s balance sheet remained strong, well supported by a solid cash balance of $20 million and a low net gearing of 15% as at 30 June 2012 (net gearing was 18% as at 31 March 2012).
The group generated positive cash inflow from operating activities of $4.4 million in 1QFY2013 compared to a cash inflow of $0.4 million in 1QFY2012.
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