Boustead Singapore nearly doubles Q2 profit to $17.5 million

SINGAPORE - Engineering and technology group Boustead Singapore reported strong results in its second quarter.

Net profit in three months to Sept 30 soared 94 per cent to $17.5 million.

Revenue for the quarter rose 14 per cent to $129.7 million.

For the six months to Sept 30, Boustead reported that net profit rose 26 per cent to $33.6 million, while revenue increased 6 per cent to $256.1 million.

It declared an interim dividend of two cents per share, the same as a year ago.

Earnings per share for the quarter was 3.4 cents, up from 1.8 cents a year ago.

Net asset value per share was 68.8 cents, up from 68.4 cents as at March 31.

Chief executive Wong Fong Fui said in a statement: "With a strong order book and our recent business development initiatives in the real estate solutions division, we expect to deliver a reasonable level of profit in the financial year 2015."