Revenue from maintenance services business segment rose 71% to $9.3 million in 1Q18 from $5.5 million in 1Q17. Revenue from project services remained stable, increasing by 2% to $13.4 million in 1Q18 from $13.1 million in 1Q17.
Revenue from the others segment in 1Q18 was nil as there was no sale of carbon allowances compared to 1Q2017. Gross profit increased by 12% to $6.8 million from $6.1 million while gross profit margin remained strong at around 30%.
Administrative expenses increased to $2.9 million in 1Q18 from $2.0 million in 1Q17 as a result of additional operating costs incurred by Ensure.
As at March 31, Nordic’s outstanding order book stood at $99.3 million including maintenance contracts. From Jan 1 to May 3, Nordic clinched a total value of $33.6 million worth of contracts.
Chang Yeh Hong, Executive Chairman of Nordic, says, “We will continue to prospect for other earnings accretive M&A opportunities to grow our income streams. We remain positive over our long-term prospects across all sectors and delivering value and returns to our shareholders.”
Shares in Nordic closed 0.5 cent lower at 53 cents on Wednesday.
