Chip Eng Seng's Q1 earnings soar 363% to $21.6 million

SINGAPORE - Higher revenue flows from new and ongoing projects, and revenue recognised from a completed commercial project saw first-quarter net profit at Chip Eng Seng Corporation soar 363 per cent year on year to $21.6 million.

Revenue for the Singapore-based construction and property group for the three months to March 31 rose by 51.7 per cent to $197.8 million.

Earnings per share was 3.35 cents, up from 0.72 cent a year ago. Net asset value was 81.59 cents, up from 77.12 cents a year ago.

The group's construction division recorded a 9.6 per cent rise in revenue to $71.7 million, with higher revenue flows from new and ongoing projects in Tampines, Jurong West , Yishun, Bukit Batok and Bukit Panjang.

Revenue from the property developments division almost doubled to $125.1 million in the first quarter.

This was mainly due to revenue recognised from the Group's completed project, 100 Pasir Panjang, which obtained TOP in March.

Chip Eng Seng shares closed up 0.5 cent at 72.5 cents on Thursday.