PRECISION engineering and systems integration solutions provider, Nordic Group, on Friday posted a 40 per cent slide in net profit for its fiscal first quarter, on the back of lower revenue from its project services business. Read more at The Business Times.
PRECISION engineering and systems integration solutions provider, Nordic Group, on Friday posted a 40 per cent slide in net profit for its fiscal first quarter, on the back of lower revenue from its project services business.
The results translate to an earnings per share of 0.5 Singapore cent, against EPS of 0.9 Singapore cent previously.Revenue fell 14 per cent to S$19.5 million, as earnings from its project services segment slipped 27 per cent, or S$3.6 million, to S$9.7 million, due to fewer projects being delivered. Nonetheless, this was partially offset by a 5 per cent, or S$440,000 revenue increase to S$9.8 million from the group's maintenance services segment.
Still, the group is optimistic that it will continue to deliver value to shareholders with its contract wins secured to date, opportunities for further mergers and acquisitions, as well as prudent costs and risk management initiatives, it said.
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