Chip Eng Seng’s Q1 net profit doubles on-year to S$24.8m

Mainboard listed Chip Eng Seng said its net profit has doubled on year to S$24.8 million for the first quarter ended March 31.

Its revenue for the three months rose 26.7 per cent to S$100.1 million, lifted mainly by its property developments segment as well as contributions from its property joint ventures.

The company had joint development projects such as The Parc Condominium, CityVista Residences and Grange Infinite.

Chip Eng Seng also recognised revenue from the sale of units in a property development project, Oasis@Elias, which was launched in the second half of 2009.

Looking ahead, the group said it remains upbeat on the residential property market in the region and has been actively replenishing its landbank in the last few months.

It added that the outlook for the Singapore construction sector remains promising.

According to the Building and Construction Authority, the average annual construction demand for the next two years, 2011 and 2012, is projected to be between S$18 billion and S$25 billion.

Chip Eng Seng said it is actively tendering for construction projects, leveraging on its extensive experience and track record.

As at 31 March 2010, the outstanding order book for its construction contracts stood at S$316 million.

Source : Channel NewsAsia – 12 May 2010

Join The Discussion

Compare listings

Compare