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Chip Eng Seng's Q1 earnings soar 363% to $21.6 million

Published on May 8, 2014 9:42 PM
 

SINGAPORE - Higher revenue flows from new and ongoing projects, and revenue recognised from a completed commercial project saw first-quarter net profit at Chip Eng Seng Corporation soar 363 per cent year on year to $21.6 million.

Revenue for the Singapore-based construction and property group for the three months to March 31 rose by 51.7 per cent to $197.8 million.

Earnings per share was 3.35 cents, up from 0.72 cent a year ago. Net asset value was 81.59 cents, up from 77.12 cents a year ago.

The group's construction division recorded a 9.6 per cent rise in revenue to $71.7 million, with higher revenue flows from new and ongoing projects in Tampines, Jurong West , Yishun, Bukit Batok and Bukit Panjang.

 
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