Chip Eng Seng reports 37% growth in Q3 net profits

Mainboard-listed construction firm Chip Eng Seng said third-quarter net profit grew 37 per cent from a year earlier to S$23.7 million.

This compares with a net profit of S$17.3 million in the same three-month period last year.

Meanwhile, revenue grew 10 per cent from a year earlier to S$115 million.

The company said revenue growth was driven by property-development revenue, which jumped 79 per cent, led by sales in its Oasis@Elias project.

Some of this growth was offset by construction revenue, which fell 11 per cent after the completion of two major projects.

Chip Eng Seng said its construction order book is currently worth S$406 million.

The company added that it will continue to pursue opportunities to expand its portfolio of residential projects in Singapore and overseas.

Source : Channel NewsAsia – 9 Nov 2010

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