Soilbuild Construction Group reports 11% drop in Q2 net profit

SINGAPORE - Soilbuild Construction Group, the construction arm of Soilbuild Group, posted a second-quarter net profit of $5.2 million, a fall of 11 per cent.

It was affected by several factors, including foreign exchange loss, higher administrative expenses and higher operating expenses.

Revenue marginally fell 0.3 per cent to $67.7 million for the three months to June 30.

Various projects contributing to revenue include a mixed use development in Lavender Street-Kallang Avenue and Tampines and Ang Mo Kio HDB projects.

The company also said it has secured three construction projects including a general industrial development and distribution centre.

Earnings per share for the quarter was 0.79 cent, down from 1.04 cents a year ago, while net asset value climbed to 11.39 cents as at June 30, up from 11.01 cents as at Dec 31.

The company declared an interim dividend of 0.5 cent to be paid on Aug 22.

Soibuild Construction shares ended half a cent lower at 24.5 cents.