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wjlindr
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07-Nov-2007 05:03
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Rotary Engineering posts record S$40.5m net profit for the nine months ended 30 September 2007 HIGHLIGHTS OF 3Q2007 RESULTS ? Net profit after tax and minority interest up 49% to S$40.5m ? Total revenue grew by 29% to S$411.3m ? Order book to date stands at S$516.4m ? Strong net cash position at S$70.8m SINGAPORE, 6 November 2007 ? RIDING the growth wave in the oil-and-gas sector, Mainboard-listed Rotary Engineering Limited (?Rotary?) today announced a record net profit after tax and minority interest of S$40.5 million for the nine months ended 30 September 2007. This is an increase of 49% over the S$27.2 million it registered in the same period the previous year, and, more significantly, 15% up from the S$35.2 million it made in the whole of FY2006. Group turnover for the first nine months of 2007 stood at S$411.3 million, an increase of 29% over the S$320.1 million it achieved in the previous corresponding period. The increase in turnover is largely accounted for by contributions from several on-going projects on Jurong Island. Quarter-on-quarter, the Group?s net profit after tax and minority interest stood at S$12.4 million, 11% up from S$11.1 million it recorded in the previous corresponding quarter. Its turnover performance this quarter is 18% higher at S$139.0 million, compared to the S$118.0 million it turned in during the previous corresponding quarter. Rotary is a leading provider of engineering, procurement, construction and maintenance services supporting the oil-and-gas and petrochemical industry, Strong Financials The Group?s financial standing remains robust with assets totalling S$392.9 million, net tangible assets of S$161.8 million and a strong net cash position of S$70.8 million. Its market capitalisation stood at S$800.7 million, based on the closing price of S$1.41 as at 5 November 2007. The Group secured a total of S$66.1 million worth of contracts since the end of the last quarter and its total order book to date stands at S$516.4 million. Mr Chia Kim Piow, Rotary?s Chairman and Managing Director, said he was pleased with Rotary?s fine showing and continues to be optimistic about the industry outlook. He said: ?The oil and gas and petrochemical industry here is still vibrant and there is ample room for growth. While we continue to work diligently to build a solid track record back home, we are also constantly on the lookout for opportunities to expand our market base and extend our reach.? Extending reach One of these initiatives was the Group?s recently-formed joint venture with Beijing Everthriving Energy Technology Co Ltd to undertake the transportation and sales of Liquefied Natural Gas (?LNG?) in China, affording an opportunity for Rotary to participate in the energy sector in China. Going forward, Mr Chia said, the strong demand for energy in China and India will continue to have a positive impact on the regional economy, and looks set to contribute to the ongoing buoyancy in the oil & gas and petrochemical industry. The Group continues to prospect actively for contracts overseas, and earlier this year, it was awarded the S$74 million PT Oiltanking Indonesia JV terminal project in Merak, Indonesia. It is also building a S$16 million facility in Saudi Arabia, underpinning its commitment to that market. The Group continues to be active on Jurong Island, Singapore?s oil refining and petrochemical hub, which is currently undergoing a burst of building activity. Indeed, the investment in the Singapore oil & gas and petrochemical sector over the next few years is expected to be considerable with several mega scale projects announced, including the Shell Houdini project and ExxonMobil?s US$4 billion SPT complex, its second world-scale steam cracker. Rotary has been involved in Shell?s Houdini project since October last year, having secured five parcels of work totaling S$124.8 million. Its contracts included a S$52 million deal for mechanical construction, piping and equipment installation works for the 750,000-tonne-per-annum Mono Ethylene Glycol downstream plant (MEG) on Jurong Island and a S$24 million contract for Engineering, Procurement and Construction works for atmospheric tanks supporting the new 800-tonne-per-annum Ethylene Catalytic Cracker unit (ECC) to be built on reclaimed land adjacent to the Shell Refinery on Bukom Island. Apart from the Shell Houdini projects, it is also involved in two biodiesel projects on Jurong Island, and a S$30 million construction turnkey project for a plant owned by US-based SI Group. As part of Rotary?s globalisation plan, it marked the opening of its China training centre and launched its Global Work Force Scheme in June this year, an initiative that would target at doubling of its workforce to 6,000-strong in three years. This is a move to ensure that it has a ready and skilled workforce to fuel its growth globally. |
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wjlindr
Member |
07-Nov-2007 00:22
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Rotary Engineering Ltd. Secures Engineering, Procurement &Construction Contract from Oiltanking Odfjell Terminal Singapore Private Limited
11/5/2007
Rotary Engineering Ltd. announced that it has secured an Engineering, Procurement &Construction contract worth S $45.5 million awarded by Oiltanking Odfjell Terminal Singapore Private Limited. The project involves the engineering design and construction of Mono Ethylene Glycol (MEG) and Propylene Oxide (PO) storage tanks and related facilities adjacent to the existing OOTS chemical storage terminal on Jurong Island. Work on this project is underway and is expected to be completed by December 2008. |
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ten4one
Master |
25-Oct-2007 13:47
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Look at yipyip's post and that is a good reason to hold on to your Rotary's shares. Moreover, Rotary have about $580mn book orders and still going for more. The current orders could last Rotary for at least 3 years and plus their maintenance revenue, I'm definite that Rotary would perform very well! Cheers! PS. share px could move up and down and if you trade, be careful in such a volatile environment. |
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ksatyam_2000
Member |
24-Oct-2007 17:09
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hi nextdoor, pls let us know the details of your reason for this call and what do you fear may happen this or next month... coz i dont want to lock my money for such a long time, rather sell now and buy at the lower price or average out. pls give details... thanks |
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nextdoor
Senior |
24-Oct-2007 15:57
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kastyam, since you have bought this stock, keep it for awhile as this is a good stock as mentioned by limhpp. Those who have not vested, you may want to wait a little while before buying. I have my reason for this call but if nothing happen within this month or next, than i believe it will continue to surge unless the market fail us. :) |
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limhpp
Veteran |
24-Oct-2007 15:01
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Why? nextdoor... this is a good stock... queueing.. |
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ksatyam_2000
Member |
24-Oct-2007 14:43
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why? i allready bought at 1.36 shd i sell? |
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nextdoor
Senior |
19-Oct-2007 17:40
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Please do not buy this stock for the time being. |
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ygc91285
Member |
19-Oct-2007 16:59
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This counter is a bargain buy during this correction period.... |
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yipyip
Master |
19-Oct-2007 15:45
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News update from The Business Times October 19, 2007, 10.33 am (Singapore time) Oil near new US$90 high as dollar sinks Oil held firm within sight of its new US$90 high on Friday as another slump in the US dollar to a record low and rising fears over pre-winter fuel stocks lent support to an over 13 per cent surge in under two weeks. US light crude for the soon-to-expire November contract ticked up 5 cents to US$89.52 a barrel by 0049 GMT, following a hefty gain of US$2.07 a barrel on Thursday's close...................................... Article from DMG: Oil and gas based co. with good record order books running for the next few years. Prospects shine as oil prices continue growing to new highs. Federal TP:1.05 Rotary TP:1.80 Labroy Marine Swiber Aqua-Terra TP:0.70 KS Energy TP:4.20 |
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ygc91285
Member |
08-Oct-2007 17:24
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Wait for them to announce the contract this month.... then the share will cheong again... |
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invest&earn
Member |
28-Sep-2007 15:42
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Can it maintained the BULL and close at the RECORD ... |
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countrybum
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27-Sep-2007 10:31
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I'm in n out this counter many times. fr $0.6-now. strong fundermental. |
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ygc91285
Member |
26-Sep-2007 22:14
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This stock seems like losing momentum slowly..? |
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ygc91285
Member |
24-Sep-2007 18:01
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Latest TP = SGD 1.69 in average (Business times - 24Sep07) |
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hellokitty8448
Member |
24-Sep-2007 17:44
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hi can anyone tell me what is the TP for Rotary? cheers |
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invest&earn
Member |
24-Sep-2007 17:37
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Getting closer to previous record closed 1.44. If successfully break above this level, think it will continue to trend upward. |
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Pension
Elite |
24-Sep-2007 12:02
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hold one excerise program at jurong island last week, today counter shoot up 4 cents today. |
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travelm2420
Member |
24-Sep-2007 11:59
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Technical Chart on Rotary. Click here for the chart |
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zhuge_liang
Supreme |
23-Sep-2007 01:09
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Rotary Engineering said it expects to win contracts worth up to $300m from Exxon Mobil in Singapore. The company also plans to invest up to $30m in a new fabrication yard in China. Chairman Chia Kim Piow said Rotary tendered for several contracts worth $200-300m for Exxon Mobil's multi-billion dollar Singapore Parallel Train (SPT) project at the petrochemical hub on Jurong Island. The results for the tenders for the SPT projects are expected next month. The SPT project includes Exxon Mobil's 2nd world-scale steam cracker. If successful, Rotary will start work in 2H08 and finish in 2010. Mr Chia said Rotary, which has cash reserves of $110m, was looking to buy companies that either manufacture components needed in its engineering projects or are involved in the logistics business. In a separate announcement, the company said that it will form a jv in China worth 100 million yuan to sell liquefied natural gas. |
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