PEC closes H1 with higher net profit of $10.7m

Thanks to gains from assets, properties disposal.

PEC posted a profit after tax of $10.7m in 1HFY16, up from $4.7m from the same period in FY15.

According to the company’s media release, the growth is thanks to boosts by gains from the disposal of properties and assets.

Meanwhile, revenue jumped 30% to S$314.7m during the half-year, thanks to higher contributions from overseas project works.

As at the end of 2015, the company’s orderbook stood at $239.7m, excluding maintenance contracts.

Looking forward, PEC CEO Robert Dompeling notes that the company is bracing for fewer larger projects and increased competitive pressures. Dompeling further asserts that PEC is well positioned to snap up new project opportunities, as it did over the past two years when it secured three major contracts in the UAE.