Ntegrator

Ntegrator: FY12 revenues declined 11% to $32.8m, earnings flat at $250k; The Group revenue was affected by the slow progress in completion in Thailand and the delays in securing additional contracts in Myanmar due to the national parliament elections. Gross profit margins for the Group improved, as the mix in revenues grew towards the Project Management and Maintenance Service business, achieving economies of scale for services. The Group has seen a continuing interest in Myanmar and Vietnam resulting in an improvement in the order book and sales pipeline, and expects positive development in the sales pipeline for the next 2-5 years. Ntegrator’s order book as at Feb 25, 2013 stands at a record $72.2m. NAV/ share at $0.0312 as at 31 Dec 2012; Company trading at 173x P/E, 3.8x P/B