MTQ Corporation has reported earnings of $4.84 million for the FY2025 ended March 31, 2025, up 59% y-o-y.
Including the one-off gain of $6.4 million from the sale of its Pandan property recognised in 1HFY2024, earnings would be down 49% y-o-y from the $9.4 million reported in FY2024.
For the 2HFY2025, earnings came in 47% y-o-y higher at $2.63 million.
The company, which has business in engineering, repair and maintenance, reported a full year revenue of $63.3 million, 6% y-o-y lower.
Revenue for 2HFY2025 came in 11% y-o-y lower at $29.85 million.
Gross profit for the full year came in at $21.45 million, 2% y-o-y higher. However, for the 2HFY2025, gross profit declined 3% y-o-y to $10.51 million.
The group’s full year revenue decline was largely due to lower contributions from its Bahrain segment, which was affected by a slowdown in activity following Saudi Aramco’s rig suspensions.
The UK segment also recorded a lower revenue, with the prior year benefitting from one-off catch-up orders.
Profit from discontinued operations mainly comprised contributions from Pemac, which the group has completed the disposal following shareholders’ approval on April 14, 2025. The gain from this disposal, estimated at approximately $0.8 million will be recognized in the next financial year.
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As at end March, the group’s cash and cash equivalents stood at $7.7 million.
The board has recommended a final dividend of 0.5 cents per share.
Shares in MTQ closed 0.5 cents lower or 1.923% down at 25.5 cents on May 13.
