Boustead: FY11 results below due to exceptionals. Revenue +28% yoy to $560.6m, +8% qoq to $110.1m. Gross margins re up to 32% from 30% the previous year. This was due partially to the $67.8m sale of IBM Spore Technology Park completed in 4Q. Largest contributor to revenue is still Real Estate Solutions segment, where revenue grew 61% yoy. Its Geo-Spatial segment’s revenue was up by 27% yoy, boosted by the first full-year contribution from its subsidiary, MapData Services...
Net profit +21% yoy to $52.2m, but down 99% to $146k qoq due to provisions for doubtful receivables of $11.4m in 4Q. Boustead also took a provision of about $13.8m for its Libyan projects. It had previously guided that its financial exposure for the Libyan projects ranged between $15.5 - 39.6m. The lower provision is a silver lining, and without it, results would have been largely in line...
Coy remains in a $184.6m net cash position, lower than previous year likely due to interim dividend payments, acquisitions of $19m and other investments. Outstanding order book is in excess of $235m. Contract momentum is good across segments since Jan 2011, 6 for Real Estate, 2 in water, and $43m worth of contracts for energy segment...
Final dividend of 2cts and special dividend of 3cts per share, in addition to the 2cts interim dividend. This translates to 7% yield at $1 last close.
Stock currently trades at 9.7X P/E.
Pre-results, KE rated at Buy with PT $1.33, DBSV rated at Hold with TP $1.10.
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