PEC after-tax profit shrinks to S$1.1m in 1QFY14

As gross profit slips 7%.

PEC Ltd. (PEC) reported a revenue of S$100.9m for the three months ended 30 September 2013 (1QFY14) compared to S$120m in 1QFY13. This was largely due to completion of larger projects, PEC said in a release.

After-tax profit came in at S$1.1m against S$3.4m for the previous correspodning period, impacted by lower revenue and losses in overseas entities. However, the Group net cash flow from operating activities increased to S$24m in 1QFY13 as a result of prudent management of project costs and working capital.

Mr Rober Dompeling, PEC Group Chief Executive Office, commented: "While the operating environment in the process industry remains challenging, the Group continues to focus its presence in targeted markets in Asia and the Middle East where we are witnessing more project and maintenance opportunities."