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SINGAPORE: Mainboard-listed Technics Oil and Gas said that its fourth quarter net profit rose 27 per cent from a year ago to S$1.6 million.
This was on the back of a 28 per cent increase in revenue for the three months ended September to S$33.2 million.
For the full year, the company registered a 60 per cent rise in net earnings to S$6.1 million.
The higher turnover was mainly due to increased project milestone completion, as it recognised more revenue for work-in-progress carried out on four major projects.
Currently, the company has a total outstanding order book of S$98 million for progressive delivery through to the third quarter of the 2010 financial year.
Technics said it continues to follow up with prospective customers within the regional market to maintain a strong project pipeline.
It added that these are progressing well and indicative timelines given remain on-track.
- CNA/sc
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