PEC says profit attributable to shareholders rose 23% to $8.8 million for the first quarter ended 30 September 2010 of financial year 2011 (1Q2011) from $7.1 million in 1Q2010 due to improved margins and higher contributions from joint ventures.
Group revenue remained stable at $107.8 million in 1Q2011 compared to $106.9 million in 1Q2010, generated from ongoing project works and maintenance services. Gross profit during the period rose 14% to $27.3 million from $24.0 million, while gross profit margin increased to 25% from 22% in 1Q2010.
The improvement in gross profit margin was mainly due to lower operating cost coupled with contributions from variation works.
Cash and cash equivalents for the group grew 12% in the last quarter from $160.8 million as at 30 June 2010 to $180.3 million as at 30 September 2010. Net asset value per share also increased to 74.0 cents from 70.9 cents as at 30 June 2010.
As at 30 September 2010, the group’s order book for ongoing and new project works was $200 million.
Group revenue remained stable at $107.8 million in 1Q2011 compared to $106.9 million in 1Q2010, generated from ongoing project works and maintenance services. Gross profit during the period rose 14% to $27.3 million from $24.0 million, while gross profit margin increased to 25% from 22% in 1Q2010.
The improvement in gross profit margin was mainly due to lower operating cost coupled with contributions from variation works.
Cash and cash equivalents for the group grew 12% in the last quarter from $160.8 million as at 30 June 2010 to $180.3 million as at 30 September 2010. Net asset value per share also increased to 74.0 cents from 70.9 cents as at 30 June 2010.
As at 30 September 2010, the group’s order book for ongoing and new project works was $200 million.
