Chip Eng Seng logs 57.9% drop in Q3 earnings

SINGAPORE - Lower contribution from the property development division dragged down third-quarter earnings at Chip Eng Seng Corporation by 57.9 per cent.

The construction and property group on Tuesday reported a net profit of $5.7 million in the three months to Sept 30, compared with $13.6 million in the same period the year before.

Revenue shrank 13.7 per cent to $67.9 million on lower turnover in the property development division, although this was partially offset by higher contribution from its construction division, said the group.

No dividends were declared for the period.

Earnings per share came in at 0.92 cent, down from 2.18 cents previously. Net asset value per share was 120.83 cents as at Sept 30, little changed from the 120.5 cents as at Dec 31, 2015.

Chip Eng Seng shares closed unchanged at 64.5 cents today, before the results were released.