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2011
The recovery was underway in 2011 and the Group’s net order book began to strengthen, jumping fromUS$33million to a
highofUS$102million inSeptember 2011, beforeending the year atUS$80million.Consequently, revenue increasedby68%,
from$48.4million in2010 to$81.1million in2011. However, competitivepricingand lowermargins from someprojects,with
less opportunity for value-added services, resulted in gross profit easing by 6% to$23.5million.
Combinedwith the absence of contribution from PPLS and higher professional fees incurred for the legal disputewith SCM,
theGroup’s pre-tax profit declined from $30.4million to $10.6million. TheGroup’s cash position remained strong at $169.3
million.
2012
The Group achieved record revenue in 2012, growing 27% from $81.1 million in 2011 to $98.2 million. The Group also
disposedof its49% stake inYork for $22.2million, realisingagainof $10.9million from thedisposal. Following theHighCourt
ruling in theGroup’s favour in relation to the legal suitwithSCM, theGroup recognised thedeferredgainof $58.2million from
the disposal of PPLH. As a result of these gains, pre-tax profit surged to $86.6million.
However, amidst an increasinglyuncertainglobal economicoutlook, order intakebegan to slowdown in the secondhalf of the
year. As at December 2012, the net order book stood at US$49million.
TheGroup’s cash position remained strong at $173.9million.
2013
TheGroup’s profitability for 2013was bolsteredby thegainof $8.8million from thedisposal of its associate, DO. Excluding the
investment gain, theGroup’s net profit improved from$12.5million in2012 to$13.6million for 2013.
Despite paying out a record dividend of $87.2 million to shareholders for financial year 2012, the Group’s cash position
remained strong at $205.9 million at December 2013 or 23.6 cents per share. This was attributable to proceeds from the
conversion of warrants and positive cash inflows fromoperations.
