DBS Vickers Securities in a Feb 9 research report says: “Boustead posted net profit of $8.7 million (-16% y-o-y), compared to our forecast of $10.5 million. The underperformance was attributed to weaker than expected revenue of $104 million (-10% y-o-y), which was partly due to a weaker sterling pound for the Energy-related engineering division and slower than expected progress at the Libya township.

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