In FY2012, our Group revenue was up 20.8% at S$129.2 million with improved performance seen in both our rental and trading segments.
Revenue from our Equipment Rental business grew 20.0% to S$40.1 million due to improved contribution from overseas subsidiaries and an expanded fleet size in the Group as our aggregate crane lifting capacity had increased by 26.4% to 15,253 tons. Revenue from our Trading business increased by 21.2% to S$89.1 million mainly due to a higher volume of cranes traded locally and in the region. Our Group's gross profit was S$20.4 million, 20.6% higher year-on-year.
In line with the increase in revenue and fleet size, the selling expenses increased by 31.0% to S$1.6 million, administrative expenses increased by 25.8% to S$9.4 million, and finance costs increased by 46.7% to S$1.7 million. An income tax credit lowered our tax expense by 68.9% to S$0.5m. We are pleased to have delivered a net profit growth of 16.6% to S$9.4 million with an increase of 15.3% in earnings per share to 2.03 Singapore cents per share.
Riding on ASEAN Growth
There was a broad-based improvement across our key geographical markets. Revenue from the Singapore market was S$62.7 million, up 8.0% and contributed 48.6% to the Group's revenue. Demand for our lifting solutions increased due to the robust construction demand in Singapore, mainly backed by strong public sector demand. We expect revenue contribution from the Singapore market to remain healthy, as there is a strong pipeline of construction and civil engineering projects.
Not too far behind was Indonesia. Revenue from the Indonesia market grew by 43.5% year-on-year to S$43.1 million and contributed 33.4% to Group's revenue. We are optimistic that the demand in Indonesia can be sustained in view of its fast developing construction sector. Our Kato distributorship agreement for Indonesia, as announced in July 2012, puts us in a strong position to tap on the rapid development of this large economy in Southeast Asia.
We have expanded our fleet size and operation in Malaysia. As a result, revenue from the Malaysia market had more than doubled to S$13.2 million and contributed 10.2% to the Group's revenue.
The Group had also incorporated a subsidiary known as SH Equipment Pte. Ltd. with Starhigh Asia Pacific Pte Ltd to tap on opportunities arising from Myanmar 's political and economic reform.
Prudent Financial Position
The Group's balance sheet remained healthy with the total equity increased from prior year's S$87.0 million to S$91.8 million as at 30 June 2012 after taking into account the dividend payment of approximately S$4.6 million in the current financial year.
Total assets increased by 21.8% to S$191.0 million mainly due to increase in the rental fleet size in the Group. Total liabilities increased by 42.1% to S$99.3 million mainly due to higher trade and bills payable and finance leases used to finance the Group's regional expansion and fleet expansion.
Our gearing in FY2012 remained comfortable at 0.48 times. Through prudent financial management, our liquidity position continues to be strong with a cash balance of S$14.8 million.
Rewarding shareholders
The Board of Directors is proposing a final dividend of 0.55 Singapore cents per share for FY2012, which will be tabled for approval at the upcoming AGM. Together with the interim dividend of 0.45 Singapore cents per share, the total dividend payout of 1 Singapore cent per share for FY2012 translates to a healthy dividend yield of 4.9% based on our Company's share price of 20.5 Singapore cents per share as at 29 June 2012. This is our way of showing appreciation to our shareholders for their continuous unwavering support.
Exploring for future growth
While the global economic outlook remains uncertain, the good news is that our key markets are in Southeast Asia's growing markets. It is the Group's strategy to maintain active and sound management in running its business in our existing markets and at the same time seek opportunities to expand our presence in new markets. We shall also work closely with Toyota Tsusho Corporation, to explore further synergies in growing and expanding our business.