Rotary Engineering’s net profit slumps 40% in 3Q11

The company’s earnings were even worse than analyst and consensus estimates.

According to OCBC, 3Q revenue and profits fell by 25% and 40% YoY to S$117m and S$8m respectively.

Here’s more from OCBC:

Rotary Engineering delivered a weak set of 3Q results and were worse than our and the consensus estimates. 3Q revenue and profits fell by 25% and 40% YoY to S$117m and S$8m respectively, attributable to slower-than-expected progress on its Middle East projects during the month of Ramadan. On a 9-month basis, revenue and net profits formed only about 60% of our respective full-year estimates. On a positive note, gross margin was sustained at 26%, while order-book remained unchanged at S$758m (2Q: S$757m) .

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