Due to lower revenue and forex woes.
Mainboard-listed Civmec reported that its net profit dropped 34.6% year-on-year to $4.8 million in the second quarter.
The group's revenue dropped to $91.5m from $126.4m due to projects that have been completed in the preceding period.
The group was also impacted by an 11% exchange rate decline between the Australian dollar and the SGD.
Administrative expenses for Q2 increased marginally to $6.5m from $6.3m in the same period last year, on back of higher expansion expenses.
Do you know more about this story? Contact us anonymously through this link.