Unaudited Full Year Financial Statements And Dividend Announcement For The Year Ended 31 March 2012
Financials Archive
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STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH, 2012
STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH, 2012
REVIEW OF GROUP PERFORMANCE
Revenue
Group revenue for the year ended 31 March 2012 ("FY 2012") of S$128.4 million was higher than that achieved in the year ended 31 March 2011 ("FY 2011") by S$36.7 million or 40% mainly due to contributions from the newly acquired Premier Group.
Revenue contribution from the Oilfield Engineering Division, including 9 months of contribution from the Premier Group, grew to S$74.1 million in FY 2012. The Engine Systems Division's revenue grew 10.2% to S$54.6 million in FY2012, despite difficult operating environments in Australia.
Profitability
Group profit before tax in FY12 of S$13.9 million was higher than FY11 by S$0.6 million. In line with higher revenue, the Group recorded higher gross profit from operations of S$47.0 million, up from S$37.5 million in FY 2011. Other operating expenses were higher in FY 2012 due to increase in debtor provision levels and amortisation of an intangible asset acquired from the Premier Group. The overall results also reflected profit contributions from the Premier Group, as well as start-up losses in Oilfield Engineering Bahrain business. In addition, the Group recorded a higher profit after tax of S$14.6 million in FY12 (FY11: S$10.7 million) mainly due to the write-back of tax provisions upon finalisation of the tax affairs of a subsidiary.
Commentary
Current oil price levels and underlying demand encourage drilling activities. We are fairly optimistic that strong drilling activities will continue to stimulate fresh demand for our services and we are well placed to benefit from our expertise in this field. We will exercise caution over the medium term horizon as the global economic environment remains subdued. Our goal remains to build and enhance our range of subsea services and products, with emphasis on drilling contractors and other industry players.
