Kreuz: FY11, net profit at $26.6m below expectations. 4Q Rev at $39.3m +92.5% yoy +15.3% qoq with net profit at $1.1m -74.3% yoy -81.6% qoq. Increase in cost of sales was due to increases in the salaries and chartering expenses. Taxes also increases in 4Q due to deferred tax expense from tax reliefs and withholding tax from overseas projects.
Trade receivables are still on the increase from 3Q’s $79.0m to current $95.0m and receivable turnover days (avg no. of days to collect receivables) has increased from 85 days in FY2010 to 186 days, but co is of the view that they remain healthy and collectible.
Co has current order book of approx US$155m.
Kreuz is 63.2% held by Swiber. Kreuz now trades at 6.1x FY11 P/E
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