SINGAPORE - Industrial group NSL has posted a net profit of $8.1 million in the first quarter, up 263 per cent from a restated net profit of $2.2 million in the same period a year ago.
Revenue in the three months ended March 31 was $108.4 million, up 9 per cent from a year ago, on higher contributions from the precast and prefabricated bathroom unit division. However, revenue from the environmental services unit fell as a result of the oil price rout.
NSL said in a statement to the Singapore Exchange that it expects the precast businesses in Singapore and Malaysia will continue to face downward pressure on project margins.
"Performance of both Dubai Precast and Parmarine is expected to remain satisfactory underpinned by healthy order book," the group said.
First quarter earnings per share was 2.17 cents, from a restated 0.6 cents a year ago.
Net asset value per share was $1.52 as at March 31, up from $1.50 as at Dec 31.
Correction note: An earlier version of the story stated that the net asset value per share was $1.52 as at March 31, down from $1.50 as at Dec 31. This is incorrect. It should be up from $1.50 as at Dec 31. We are sorry for the error.