Chip Eng Seng's Q2 net profit up 173% on completion of Pasir Ris condo

Artist's impression of Belysa, an executive condominium (EC) at the junction of Elias Road and Pasir Ris Drive 1. Construction and property group Chip Eng Seng's second quarter earnings surged 173 per cent over last year, mainly due to the compl
Artist's impression of Belysa, an executive condominium (EC) at the junction of Elias Road and Pasir Ris Drive 1. Construction and property group Chip Eng Seng's second quarter earnings surged 173 per cent over last year, mainly due to the completion of a joint venture residential project. -- PHOTO: CEL DEVELOPMENT LIMITED

SINGAPORE - Construction and property group Chip Eng Seng's second quarter earnings surged 173 per cent over last year, mainly due to the completion of a joint venture residential project.

The company posted net profit of $18.6 million for the three months ended June 30, up from $6.83 million in the same quarter last year.

This was largely due to profit recognition from the completion of a condominium development named Belysa in Pasir Ris, which the group has a 40 per cent stake in. The development obtained its temporary occupation permit in the second quarter.

Revenue for the quarter was $123.6 million, up 13.4 per cent from the same period last year.

Earnings per share was 2.9 cents for the second quarter, up from 1.05 cents in the same period last year. Net asset value per share was 80.44 cents as of June 30, up from 77.12 cents as of Dec 31.