Tuesday, August 12, 2008

Chip Eng Seng H1 Net Profit Up 12%

Source : The Business Times, August 12, 2008

Construction and property group Chip Eng Seng Corporation reported S$21.7 million profit after tax for the six months ending June 30, 2008 - 12.2 per cent higher than the S$19.4 million a year ago.

This was attributable to S$7.3 million gross profit from its property development division, and S$16.7 million profit from joint development projects with strategic partners, mainly contributed by The Suites@ Central and Grange Infinite projects.

Revenue soared 69.3 per cent to S$147.3 million, driven by a 97.6 per cent increase in the group's construction division revenue to S$122 million for the period under review.

Earnings per share increased 3.1 per cent to 3.29 cents, while net asset value per ordinary share went up 3 per cent to 25.04 cents.

Chip Eng executive chairman Lim Tiam Seng said that the Group 'remains upbeat' as construction demand in Singapore continues to be buoyant.

'Excluding any new projects for which we will continue to tender for, our total outstanding construction order book stands at S$687 million as at June 30, 2008, which will keep us busy through to 2011,' he said.

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