Complete Property Market Updates of Singapore

June 4, 2008

Chip Eng Seng Q1 net profit up 39%; strong order book

Filed under: Developer News,Financing,General — Propertymarketupdates @ 5:46 am

Chip Eng Seng on Monday said net profit for the first quarter ended March 31, 2008 rose 39.4 per cent to $8.08 million, thanks to strong sales from construction projects.

Revenue rose 32.6 per cent to $59.95 million, due to a 73.8 per cent rise in sales from construction projects.

Earnings per share rose to 1.23 cents from 0.96 cents.

The group remains positive about its prospects for 2008.

‘With continued increase in construction demand for the rest of 2008, the group expects its construction division to be busy with tenders and construction work,’ it said.

The group’s outstanding order book for its construction contracts as at March 31, 2008 stood at $632 million which will keep the group construction activities busy up to 2011. — BT Newsroom

Source : Business Times – 12 May 2008

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