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BBR Q1 net profit drops 83.2% on slower general construction sales
BBR Holdings' net profit fell 83.2 per cent in the first quarter as general construction sales and margins shrank, the construction company announced on Tuesday evening.
Profit for the three months to March was S$848,000, or 0.27 Singapore cents per share, as revenue dropped 35.7 per cent to S$91.8 million.
BBR said that general construction revenue fell year-on-year, partly because most of the year-ago projects were in their active stages of construction while some of those projects were completed by the first quarter of 2015. Specialised engineering revenue continued to increase.
Gross profit margin decreased to 7.1 per cent from 7.9 per cent a year earlier.
The industry outlook for the next 12 months "remains challenging", BBR said. The company has an order book of about S$555 million in construction projects, mostly in Singapore and Malaysia.
BBR shares closed at 26 Singapore cents on Tuesday.