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Do not understand why????
Revenue for 1st Qtr 2013 $102millions vs 133 millions in 1st Qtr 2012 drop by 23%
1st Qtr - Gross Profit is S$15.7millions vs 19.3millions in 2012 Drop by 18%
BUT
net profit before tax is S$1.7millions vs 0.275millions in 2012 increase of 600%
net profit after tax is 0.871millions vs 0.451millions in 2012 increase of 93%
Why such a good company no body want to trade......? Better get some tomorrow since nobody is interested...... Wahahahahahaha....................
Page 1 of 4
MEDIA RELEASE
For Immediate Release
Rotary Engineering posts net profit of S$2.5m
on revenue of S$102.8m for first quarter ended
31 March 2013
Strong Order Book: S$756 million
Cash and equivalent: S$201 million
“I believe that Rotary is showing encouraging signs of making a
turnaround in its financial performance. We are now focused on
executing our new and current projects well.” said Rotary’s
Chairman and Managing Director, Mr Chia Kim Piow
SINGAPORE, 8 May 2013 – MAINBOARD-LISTED Rotary Engineering
Limited (Rotary or the Group)( 罗 德 里 工 程 有 限 公 司 ), a leading provider of
engineering, procurement, construction and maintenance (EPCM) services
supporting the oil and gas and petrochemical industry, today announced that it
has recorded revenue of S$102.8 million and a net profit of S$2.5 million for its
first-quarter results ended 31 March 2013.
Rotary’s revenue this quarter as compared to revenue of S$133.4 million for
the corresponding quarter in 2012, is within expectation as the Group’s new
projects have just commenced. These projects include two major projects such
as the US$250 million contract for Fujairah Oil Terminal in the United Arab
Emirates and the S$300 million expansion of the oil terminal at Pulau Busing in
Singapore.
Gross margins remained stable at 15 per cent. Besides the two major projects
mentioned above, work is also proceeding well at the Saudi Aramco Total
Refining and Petrochemical Company (SATORP) project in Saudi Arabia as the
Page 2 of 4
Group focused on completing the project according to the revised schedule
agreed with SATORP.
Administrative and finance costs were lower in line with revenue and reduced
borrowings respectively. Foreign exchange loss in the current quarter was
significantly lower as compared to a year ago due to reduced foreign exchange
exposure and effective implementation of its foreign exchange management
programme.
Rotary’s Chairman and Managing Director Mr Chia Kim Piow (谢 金 标 ) said that in
the midst of the prevailing global economic uncertainties, the first-quarter
results were within expectations. “I believe that Rotary is showing encouraging
signs of making a turnaround in its financial performance this year. We are
focused on executing our new and current projects well. We garnered a
promising first quarter as we started on our two projects for Fujairah Oil
Terminal in the United Arab Emirates and on Pulau Busing respectively. This is
boosted by the recent announcement of our contract wins worth S$42 million in
Jurong Island, Singapore,” he added.
Mr. Chia highlighted that the prospects for the oil and gas industry are bright
due to strong demand for energy from China, India and the ASEAN. “We are
pleased that our order book remain strong at S$756 million, about half of which
can be attributed to projects outside Singapore. Rotary is staying busy, bidding
for contracts in Singapore, around the region and the Middle East. We believe
that we are on the right track to a start of a good year for Rotary,” he
mentioned.
Page 3 of 4
Healthy Financial Position
The Group’s financial position continues to be healthy, backed by S$198.1
million of net assets, translating to net asset value per share of 34.9 Singapore
cents as at 31 March 2013.
The recent commencement of two major projects have bolstered the Group’s
cash position to S$201.3 million, an increase of S$36.8 million as compared to
the last financial year 2012. Correspondingly, net cash position also improved
significantly by 45 per cent from S$81.3 million to S$117.7 million. Total loans
and borrowings stood at S$83.6 million.
Business Outlook
The Group stays focus on its execution of current projects. In terms of outlook,
Mr Chia said that there are positive signs in the midst of the current global
uncertainties. Rotary’s business development activities continue to remain high.
“We are seeing numerous enquiries and we are participating actively in tenders
and through direct negotiations for numerous projects in Asean, South Asia and
the Gulf Cooperation Council countries.” He added.
The Group is cautiously optimistic, underpinned by its strong order book.
This press release should be read in conjunction with the full SGX announcement released
by Rotary dated 8 May 2013. A copy of the announcement is available on www.sgx.com.
-- End –
Page 4 of 4
About Rotary Engineering Limited (www.rotaryeng.com.sg)
Rotary Engineering Limited is one of the region’s oil and gas infrastructure services company
with extensive international experience, offering EPCM services to the oil and gas, petroleum,
petrochemical and pharmaceutical industries.
Headquartered in Singapore, Rotary has established a strong presence in the Asia Pacific and
the Middle East, and continues to make its mark as a global player. Established in 1972, Rotary
has forged a reputation built on its hallmark traits of providing quality services, within budget
and on-time delivery. Today, the Group boasts a total strength of about 7,000 employees,
which includes a highly and multi-skilled workforce that forms the mainstay of its core EPCM
services.
Singapore remains a focus for the Group while it actively seeks business opportunities overseas.
The Group has subsidiaries in Malaysia, Thailand, Indonesia, India, China, Australia, Saudi
Arabia and the United Arab Emirates.
The Group has won numerous awards and accolades. It was the winner for " Most Transparent
Company" in the Construction Category at the Securities Investors Association (Singapore)’s
Investors Choice Awards 2007, 2011 and 2012. It was also the winner in the Enterprise
category in 2008. Mr Chia Kim Piow, Rotary’s Chairman and Managing Director, won in the
Businessman category for 2011 at the Singapore Business Awards which was jointly organised
by the Business Times and DHL Worldwide Express Singapore. He also won the Joint Best Chief
Executive Officer for 2008 in the " S$300 million to less than S$1 billion in market capitalisation''
category at the Singapore Corporate Awards 2009.
Rotary is ISO 9000, ISO14000, OHSAS certified and is listed on the Mainboard of the Singapore
Exchange since 1993.
Issued on behalf of Rotary Engineering Limited by: Waterbrooks Consultants Pte Ltd
-----------------------------------------------------------------------------------------------------------
Media and Analysts Contact:
Rotary Engineering Limited
Mr Phillip Choo
Chief Financial Officer
Tel: (+65) 6866-0806
Email: choo.phillip@rotaryeng.com.sg
Mr Cheong Yew Meng
Group Financial Controller
Tel: (+65) 6866-0808
Email: ym.cheong@rotaryeng.com.sg
Waterbrooks Consultants Pte Ltd
Tel: (+65) 6100-2228
Mr Wayne Koo
Mobile: (+65) 9338-8166
Email: wayne.koo@waterbrooks.com.sg
Mr Ng Tian Khean
Mobile: (+65) 9640-2808
Email: tk@waterbrooks.com.sg
Rotary's Q1 net profit falls 20%, cautiously optimistic
Oil and gas related Rotary Engineering Limited reported on Wednesday that its net profit for the fiscal first quarter ended March 31, 2013 fell 20 per cent from a year ago to S$2.52 million.
Revenue dropped 23 per cent to S$102.83 million as new projects have just started during the quarter.
These projects include two major projects such as the US$250 million contract for Fujairah Oil Terminal in the United Arab Emirates and the S$300 million expansion of the oil terminal at Pulau Busing in Singapore
I will wait till next report before deciding whether to commit.
tonylim ( Date: 30-Mar-2013 12:58) Posted:
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…base on 3 mths chart…
...Rotary had completed a fry pan bottom pattern with confirmation by a window (gap) in an up move (25 Mar)…
...fry pan bottom is considered a major reversal signal...
…strong support level @ $0.470…. lets see how Rotary evolve from here ...
Once this problem at SATORP is over, Rotary will be on the road to recovery to its hey days of above $1
Blanchard ( Date: 29-Mar-2013 14:12) Posted:
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Rotary’s Chairman and Managing Director Mr Chia Kim Piow said that FY2012 has been a very challenging year, especially when the Group encountered major problems at the tail end of the construction phase of the SATORP project that resulted in additional costs.... However, we have taken actions to resolve the issues. Our team continues with best effort to contain the additional costs. Work is now going well and we expect the project to be completed by the revised schedule agreed with SATORP.”
I can expect the net loss to reduce & hope that the Group will turn profitable again with respect to FY2012 disappointing performance.
junction ( Date: 29-Mar-2013 13:26) Posted:
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I'm not sure Rotary can turn around because their biggest project in S Arabia, Satorp, is bleeding. Satorp project is much bigger what rotary can win this year and last year combined. Being new in the middle east, they were not familiar how the Arabs work.
john_ric ( Date: 29-Mar-2013 13:16) Posted:
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...to turn around this year with profit........... lim& tan
Blanchard ( Date: 26-Mar-2013 17:50) Posted:
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ya... Window dressing ??????????????
Rotary Engineering secures two contracts worth S$42m in Singapore
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_284F598F77805F0548257B3A0033BEDA/$file/MediaRelease_26Mar2013.pdf?openelement
Missed buying more at 0.48 today. Will monitor it.
go up tomorrow?
Hope this year will be the year of turnaround for Rotary.
Because pennies sentiment are real bad...BBs dumping.
anyone knows why drop so much today?
0.5 cent dividend
How is the trend now?
marubozu1688 ( Date: 27-Jan-2013 14:23) Posted:
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not really.... pls see bc their financial last q....maybe their ll lose money last year...
luketoh ( Date: 06-Feb-2013 11:22) Posted:
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Guess current price seems to be good to buy.