Tuesday, August 7, 2012

Mencast

Mencast: Annouced good set of results with which saw net profit +27.7% yoy to $6.91m for 1H12. Turnover +41.9% YOY to $34.64m, on contribution of approximately $11.0m in aggregate from the newly acquired subsidiaries, Top Great Engineering & Marine and Unidive Marine Services Pte Ltd. However, increase was offset by the decrease in revenue of approximately $0.8m from the marine services segment due to the slow down in activities in the ship building and ship repairing industry. Despite strong results, however we like to highlight Mencast's thinning orderbook, with marine services division's order book at $6.2m and offshore & engineering’s orderbook at $17.8m (Total $24m), underpinning earnings visibility for ½ a yr.

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