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OKP 1HFY2014 top line up 12% at S$57.7 million but bottom line hit by cost hikes

OrTohWatOKP MD Or Toh WatROADWORKS civil engineering specialist, OKP Holdings, has posted a 12.0% year-on-year growth in 1HFY2014 revenue to S$57.7 million.

However, profit after tax attributable to equity holders declined 54.3% yoy to S$1.4 million due to increases in costs of works and administrative expenses.

Gross profit margin decreased by 4.2 percentage points to 8.6% as a result of an increase in sub-contracting, construction material and manpower costs.

The Group’s maintenance business revenue posted a 103.0% yoy growth to S$21.6 million as a higher percentage of revenue was recognized from a number of existing and newly awarded maintenance projects as they progressed to a more active phase.

In comparison, construction revenue declined 11.6% yoy to S$36.1 million due to the lower percentage of recognized revenue from construction projects secured.

The Group’s net construction order book based on secured contracts was S$212.8 million as at 7 August 2014, to be delivered from now until 2017.

Contracts that it secured this year include the following.

1) S$37.3 million to widen Tanah Merah Coast Road (from the Land Transport Authority)

2) $19.2 million to improve roadside drains across Singapore

3) $50.6 million to construct Stamford Diversion Canal - Contract 1-Tanglin and Kim Seng (from the Public Utilities Board)

Recent story: JES Wins US$1 Billion Deal; OKP Gets Stamford Diversion Canal Job

DMX: 2QFY2014 net profit down 62%; operating cash flow turns positive

Jismyl_StRegisCEO Jismyl Teo. NextInsight file photoDMX Technologies Group, a leading integrated network infrastructure and digital media solutions provider, has posted a 17.6% year-on-year (“yoy”) decline in 2QFY2014 Group revenue to US$77.4 million.

Gross margin moderated to 21.3% in 2Q2014 from 23.5% in 2Q2013 due to lower revenue recorded from Multi-media Software segment, as well as hardware solution pricing competition.

Profit after tax fell 61.8% yoy to US$1.7 million.

Operating cash flow was US$10.9 million, compared to a cash outflow of US$4.9 million in 2QFY2013.

Operating cash flow improved due to better utilization of trade payables and management of inventories.

“We intend to focus on re-strategizing to pursue capital-light businesses within our mainstay ICT division and increasing differentiated offerings for the Digital Media division,” said CEO Jismyl Teo, referring to the Group strategy to deal with the challenging business environment that it is facing.

The Group’s infocomms technology (ICT) division registered a 24.1% yoy decline in revenue to US$42.6 million due to delays in ICT expenditure in Indonesia and a slowdown in China.

Division contribution decreased to 55.0% of total revenue, down from 59.8% in 2QFY2013.

Revenue from its Digital Media division fell 7.5% yoy to US$34.4 million as the business of migrating analog to digital media matured and software pricing became more competitive.

The Group’s differentiated services for the Digital Media division led to an increase of segment revenue contribution from 39.6% to 44.5%.

Revenue from the Mobile Solution Services division declined 33.3% yoy to US$0.4 million as the shift to focus on mobile Software as a Service (“SaaS”) model for enterprises experienced slower than expected traction.

This division contributed 0.5% of Group revenue, a slight decline from 0.6% in the previous corresponding period.

Group order book was US$80.8 million as at 30 June.

Related story: SINO GRANDNESS Target $1.06, DMX TECHNOLOGIES 29 Cents – Analysts


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