CSC Holdings is back in the black with small gain in Q4

SINGAPORE - CSC Holdings eked out a net profit of $533,000 in the fourth quarter, reversing from a loss of $6.1 million in the same period last year.

Revenue for the three months to March 31 fell by 13.4 per cent to $111.2 million, in tandem with the slowdown in the overall demand for construction services.

The restrictions on the export of granite by Indonesia led to a disruption in the supply of ready-mixed concrete, and contributed to lower business activity levels and revenue during the quarter.

Property cooling measures introduced in Singapore last year weighed down on demand for the group's foundation works in the second half of its financial year as construction demand for the private residential sector moderated.

However, this was mitigated somewhat by sustained domestic demand in Malaysia, which enabled CSC to record a growth in revenue contribution from Malaysia.

Gross profit and margin for the fourth quarter were $8.9 million and 8 per cent, respectively.

For the full year, net profit amounted to $3 million, overturning a loss of $3.4 million in 2013.

Revenue for the 12 months to March 31 dropped by 8.6 per cent to $487.1 million.

Full year earnings per share amounted to 0.25 cent compared to loss of 0.28 cent previously while net asset value per share firmed by 0.4 cent to 16.4 cents.

The board has recommended a final dividend of 0.1 cent a share.