PEC

PEC: Poor set of results though mitigated by a contract win. 1Q rev $106.7m +21.7% yoy -21.9% qoq but net profit falls 86.4% to $1.3m, -57.3% qoq. This was due costs rising with COGS up 47.9% yoy attributed to material costs and subcontractor costs. Orderbook for PEC is approx $246m Secured contract from an existing client, Msian co Chiyoda Sarawak, to provide prefab of steel frames as well as assembly and piping works for a gas rack module of a polycrystalline silicon plant. Co was involved in piping works during Phase 1 of the plant and also secured additional project works for Phase 2. This current contract is scheduled to be completed by end Aug 2013