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BUILDING & ENGINEERING | Staff Reporter, Singapore

Civmec's net profit plunges 34.6% to $4.8m in Q2

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. 

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