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.
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