Profit down but order book firm: Civmec

Henderson-based Civmec has reported a slump in profit but says most of its order book will be realised in the coming year.

Civmec, which is listed on the Singapore Stock Exchange, revealed a 52.5 per cent fall in net profit to $S8.2 million ($A7.6 million) for the 2017 financial year, with revenue down 12.8 per cent to $S345.9 million.

But the company highlighted that its order book had significantly increased to $S610 million as of this month, up from $S155 million in August 2016, with most of the work to be realised in FY18.

“I am pleased that our hard work for the year has been fruitful and provided a firm foundation for the new financial year,” chief executive Pat Tallon said.

“We have remained profitable during difficult market conditions and continued to invest significant resources in establishing a solid platform for the coming year.”

The company maintained a cash dividend of 0.7 Singaporean cents per share.