Chip Eng Seng's Q2 net profit up 173% on completion of Pasir Ris condo
Published on Aug 6, 2014 8:41 PM
SINGAPORE - Construction and property group Chip Eng Seng's second quarter earnings surged 173 per cent over last year, mainly due to the completion of a joint venture residential project.
The company posted net profit of $18.6 million for the three months ended June 30, up from $6.83 million in the same quarter last year.
This was largely due to profit recognition from the completion of a condominium development named Belysa in Pasir Ris, which the group has a 40 per cent stake in. The development obtained its temporary occupation permit in the second quarter.
Revenue for the quarter was $123.6 million, up 13.4 per cent from the same period last year.
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