Mainboard-listed MTQ Corporation, the engineering specialist in the fabrication, repair and maintenance of oilfield equipment, has reported a net profit attributable to shareholders of $10.6 million for the financial year ended 31 March 2011 (FY11).
The group’s revenue increased 12% y-o-y to $91.7 million in FY11, primarily driven by broad-based growth in both Oilfield Engineering and Engine Systems businesses. OEM equipment repair and rental activities have contributed to the 6% y-o-y growth in revenue from the Oilfield Engineering business to $42.9 million in FY11.
Revenue from Engine Systems increased by 20% y-o-y to clock $49.6 million in FY11, mainly driven by acquisitions made during the year and organic growth.
MTQ has recommended a tax-exempt (one-tier) final dividend of 2 cents per ordinary share on top of the interim dividend of 2 cents declared previously.
