25 February 2010 02:58 [Source: ICIS news]
SINGAPORE (ICIS news)--Singapore-based Rotary Engineering posted a 36% year-on-year jump in its fourth-quarter net profit to Singapore dollars (S$) 26.2m ($18.6m), boosted by its earnings from the Middle East, the company said on Thursday.
Revenue, however, was slightly lower in the October-December 2009 period to S$147m from S$149m in same period in 2008, the company said.
Rotary is a provider of engineering, procurement, construction and maintenance services supporting the oil, gas and petrochemical industries.
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Rotary last year landed $745m (€551) worth of contract from Saudi Aramco Total Refining and Petrochemical Co (SATORP) to build a refinery tank farm in
For the whole of 2009, the company recorded a net profit of S$54.2m, a 7% increase from the previous year, with revenues at S$552m, up 6% year on year, Rotary Engineering said.
“Going forward, we will capitalise on our SATORP win to make further inroads into the Middle Eastern market, participating in tenders and prospecting actively,” Chia said.
($1 = S$1.41 / $1 = €0.74)
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