Chip Eng Seng's Q3 Net Profit Falls 46%

Source : The Business Times, November 6, 2008

Property Group Chip Eng Seng Corporation Ltd on Thursday reported net profits for the third quarter ended September 30, 2008 fell 46 per cent to S$11.37 million, down from S$21.11 million a year ago.

Revenue for the three months doubled to S$110.50 million. This was mainly due to a 93.7 per cent increase in revenue contribution from the group's construction projects to S$89.5 million and a 194.7 per cent increase in revenue contribution from its property development project to S$20.6 million.

It recognised revenue from on-going projects and also from projects awarded in FY2007. These include projects such as The Pinnacle@Duxton, The Suites@Central, The Parc Condominium, Sembawang N4C15, Queenstown RC25 and Woodlands Driving Centre.

Its outstanding order book for its construction contracts as at 30 September 2008 stood at S$786 million which will keep the group's construction activities busy up to 2011.