Hiap Seng Engineering

Hiap Seng Engineering: 1QFY14 net profit tumbled 53.5% to $2.6m on a 11.6% slide in revenue to $54.6m. The earnings loss was due to the one-off gain of $6.8m in 1QFY13, while its lower shut-down maintenance segment affected the revenue. Gross profit margin improved to 15.4% (+7.9 ppts) on better cost control. Order book is healthy at $235m on the back of the positive outlook for the O&G and petrochemical industries despite keen competition and rising labour costs.