Kreuz

Kreuz: 2Q Rev at US$54.4m +291.8% yoy +108.3% qoq with net profit of $14.0m, a fivefold increase, +551.7% yoy +144.0% qoq. Existing and new projects evenly from related companies and third parties projects were the reason for revenue increase in 2Q2011 and higher margins contributed to bottom line performance. Of note, trade receivables rose over 2 fold from $31.9m to $70.2m, although not a cause for concern as receivables have been rising in line with the revenue. Current order book of US$115.0m slightly up from prev quarter $110.0m. 2Q EPS of 2.75c, with annualized P/E of 5.0x, co has been recovering from a low posting quarter on quarter growth in rev and profit.