Wee Hur Holdings’ H1 net profit up 19% to S$10.4m

onstruction firm Wee Hur Holdings on Friday said its first-half net profit rose 19 per cent on-year to S$10.4 million.

This is despite revenue for the period falling 41 per cent to S$63.4 million.

Wee Hur said revenue declined as new major construction projects are still in their early stages of work in progress and hence have lower revenue recognition.

The firm said its newly-acquired subsidiary Villas@Gilstead contributed S$13.4 million to revenue in the first half, marking the first revenue from the Group’s core business of property development.

Despite the decline in revenue, Wee Hur said it improved its profitability from the higher margin earned on both construction contracts and property development.

With the outlook for both the construction and property sectors remaining positive, the Group is cautiously optimistic in maintaining its profitability in the coming quarters.

Source : Channel NewsAsia – 13 Aug 2010

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