Chip Eng Seng reports H1 net profit of S$47.2m

Construction and property firm Chip Eng Seng on Friday said its first-half net profit rose 76.1 per cent on-year to S$47.2 million.

This is on the back of a 53 per cent on-year increase in revenue to S$225 million.

Meanwhile, for the second quarter ended June, its profit increased 55.5 per cent on-year to S$22.4 million.

Its revenue surged 83.5 per cent to some S$125 million.

The group said the better performance was because of profit recognised from the sale of a property development project, Oasis@Elias, launched in the second half of 2009 and from on-going construction projects.

Going forward, it said it will continue to pursue opportunities to expand its portfolio of residential development projects, while actively tendering projects for its construction segment.

It added that the group’s outstanding order book for its construction contracts stood at S$233 million as at June 30.

Source : Channel NewsAsia – 13 Aug 2010

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