Singapore-based Rotary Engineering Q4 net profit jumps 36%

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.

“Investing in the growing Middle East region and placing increasingly more resources into larger construction-based projects [have] helped to broaden our revenue base and is paying off,” said Chia Kim Pow, chairman and managing director of Rotary Engineering, in a statement.

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 Jubail, Saudi Arabia.

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.

“In Asia, we will participate in various bids and also engage in direct negotiations, while continuing to develop existing territories,” he added.

($1 = S$1.41 / $1 = 0.74)

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By: Nurluqman Suratman

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