49
GroupQuarterlyResults
Q1
Q2
Q3
Q4
Full Year
$'000
$'000
$'000
$'000
$'000
Revenue
2013
25,059
22,142
20,718
15,380
83,299
2012
35,101
25,035
21,706
16,402
98,244
Gross Profit
2013
6,025
4,663
6,672
6,408
23,768
2012
4,909
7,061
8,109
5,005
25,084
Pre-taxprofit
2013
4,215
12,160
4,479
5,226
26,080
2012
14,245
62,290
6,905
1,359
84,799
Net profit
2013
3,247
11,320
3,619
4,187
22,373
2012
13,605
61,330
5,705
952
81,592
Gross profitmargin
2013
24% 21% 32% 42% 29%
2012
14% 28% 37% 31% 26%
Net profitmargin
2013
13% 51% 17% 27% 27%
2012
39% 245% 26%
6% 83%
Group revenue increased quarter-on-quarter to $25.1million in 1Q2013, but declined progressively over the next 3 quarters.
This was attributable to a lower contribution from new projects in line with the general slowdown of order intake from July
2012 until June 2013. The effectswere particularly felt during the final 2quarters of 2013.
Gross profitmargins varieddependingon the productmix and stages of constructionof the projects beingundertakenduring
the variousquarters.Notably, grossprofitmarginwerehigher at 42% in4Q2013due to improvements inproductionefficiency
for certain projects and reached a low of 14% in 1Q2012 due to a different product mix and more competitive pricing for
certainprojects. Additionally, a significant portionof theGroup’s revenue for 1Q2012was fromprojects in their early stages of
construction, where themargins recognised tend to be lower.
The surge in pre-tax profits in 2Q2013, 1Q2012 and 2Q2012were due to gains on disposal of investments, namely DO ($8.8
million), York ($10.9million), and the recognition of the deferred gain on disposal of PPLH ($58.2million), respectively.
