OFFSHORE oil and gas contractor Dyna-Mac Holdings on Thursday posted a net profit of S$129,000 for the fourth-quarter, reversing from a loss of S$21.9 million a year ago, on the back of higher revenue and a reduction in costs.
No dividend has been declared, unchanged from the preceding year. "After deliberation, the board has adopted a prudent approach to conserve cash amidst the current challenging business environment. As such, no interim and final dividend has been declared for FY2018," Dyna-Mac said.For the three months ended Dec 31, revenue rose 44.4 per cent to S$15.8 million, mainly due to higher earnings recognised from projects for the fourth-quarter, the company said.
For the full year, Dyna-Mac swung back into the black with a net profit of S$1.5 million, versus a net loss of S$57.2 million a year earlier. This comes as revenue more than tripled from S$33 million in FY2017 to S$114.3 million in FY2018.
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