MTQ Corporation has reported earnings of $9.4 million, up 148% y-o-y for FY2024 ended March.
The bottom line was lifted by a one-off gain of $5.4 million from the sale of a property.
Revenue in the same period was down 9% y-o-y to $73.7 million. MTQ, which provides marine-related engineering services, explains that it saw a "normalised" in the demand for its services in the second half of the FY following an "exception" first half.
For its more recent 2HFY2024, earnings dipped 14% y-o-y to $1.78 million, on the back of a 23% drop in revenue to $37.1 million.
MTQ says that it has continued to deliver stable growth.
The company plans to pay a final dividend of 0.5 cent, which will bring its full-year dividend to one cent, which will be double that paid for FY2023.
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In his earnings commentary, Kuah Boon Wee, group CEO of MTQ says that he is cautiously optimistic that the recovery of the industry will continue.
"Current overall utilization levels remain healthy and the general level of inquiries remains encouraging," he says.
MTQ shares closed at 38 cents on May 10, up 1.33% for the day and up 15.15% year to date.
