Soilbuild Construction Group achieves 13% rise in Q3 net profit

Soilbuild Construction Group, the construction arm of Soilbuild Group, posted a third-quarter net profit of $6.3 million, a rise of 13 per cent, thanks to the healthy progress of construction projects.

These projects include a mixed use development at Lavender Street-Kallang Avenue and a research and development building at Changi Business Park.

Revenue soared 44 per cent to $84.5 million, for the three months to Sept 30.

The firm said in a statement: "While industry-wide challenges such as rising labour costs and constraints are inevitable, we are pleased to say that our ability to execute our projects efficiently and effectively has led to another quarter of commendable results. This marks nine months of continuous growth for the group."

The firm also said that it saw higher manpower expenses, which were required to support the growth of the operations, an increase in statutory and compliance expenses following the listing of the company, and rising recruitment expenses.

Earnings per share were 0.95 cent, while net asset value was 9.79 cents as at Sept 30.