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SINGAPORE: Mainboard-listed engineering services provider Rotary Engineering on Wednesday reported that its third quarter profit rose 11 per cent to S$10.7 million.
The profit came despite an eight per cent drop in revenue to S$108.8 million.
Rotary Engineering said revenue was lower as several of its large projects were completed and new contracts had yet to generate significant revenues.
However, it stayed profitable due to cost control and productivity gains from those projects completed.
Going forward, Rotary said it expects competition to remain stiff as difficult conditions continue to exert pressure on its contract margins.
- CNA/yb
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