NSL profit down 6% on losses from precast and prefabricated bathroom unit

SINGAPORE - Construction, engineering and chemicals group NSL has announced that profit from its continuing operations fell 6 per cent to $8.7 million.

This was despite revenue rising 1 per cent to $426 million as it incurred losses in its precast and prefabricated bathroom unit division, particularly its operations in Singapore and Malaysia.

The performance of the Singapore operations was affected by significantly lower sales revenue and higher costs associated with construction delays at sites.

The Malaysian operation also ended with some losses due mainly to project delays and cost overruns attributable to a major project.

Earnings per share excluding exceptional items was 3.69 cents, compared with 7.74 cents previously, while the net asset value per share was $1.41, down from $1.85 previously.

It has proposed a final dividend of five cents per share, compared with the 50 cents per share declared in the previous year.