SINGAPORE (Feb 11): Civmec, the construction and engineering services provider to the oil and gas industry, posted a 34.6% fall in 2Q earnings to $4.8 million from a year ago.

The weaker bottomline was impacted by lower revenue and a roughly 11% exchange rate decline between the Australian dollar and Singapore dollar in the comparative periods.

Revenue for the three months to December fell 27.6% to $91.5 million from $126.4 million a year ago.

Administrative expenses for 2Q increased marginally to $6.5 million as the group continues with its strategy to position the business for expansion activities.

This led to a lower gross profit of $11.8 million compared to $16.3 million a year earlier.

Net profit margin for the period was 5.2% compared to 5.8% a year ago.

The counter closed 1.3% lower at 38 cents on Thursday.