OKP Holdings, the infrastructure and civil engineering company, announced earnings of $6.1 million for its first half ended 30 June 2012. This represents a decline of 49.6% compared to $12.1 million achieved a year ago.
Group revenue dipped 20.6% to $48.5 million for 1H2012 from $61.1 million a year ago. Earnings per share for the half-year ended 30 June 2012 came in at 2.01 cents.
The construction segment continues to be its key revenue driver, contributing $41.1 million, or 84.7% of revenue, to the first half. This compares with $52.1 million, or 85.2% of revenue turned in by the same segment during the previous corresponding period. The maintenance segment also saw a year-on-year decline in revenue from $9.0 million to $7.4 million. The decrease in revenue contribution from both segments was a result of a lower percentage of revenue recognised from a few newly-awarded contracts during the half-year ended 30 June 2012.
In line with lower revenues, the group registered a fall of 44.9% or $8.9 million in gross profit from $19.9 million previously to $11.0 million for the half-year ended 30 June 2012. Gross profit margin came in at 22.6% compared to 32.6% during the previous corresponding half-year, which saw a one-off design-and-build construction project with high gross profit margin.
As at the date of this announcement, OKP Holdings’ gross order book stands at $341.6 million, with some projects completing in 2015.
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