Boustead Projects' Q1 profit falls 5%

BOUSTEAD Projects on Tuesday posted a 5 per cent drop in net profit for the first quarter to S$5.8 million, from S$6.1 million a year ago, on the back of lower other income and higher overhead expenses, and share of loss of an associate company and joint ventures.

The industrial real estate solutions provider reported a 25 per cent fall in revenue for the three months ended June 30 to S$45.7 million, from S$61 million previously. This was due to lower revenue contributions from the design-and-build and leasing businesses.

Earnings per share came in lower at 1.8 Singapore cents versus 1.9 Singapore cents in the corresponding quarter a year ago.

No dividend was recommended, unchanged from a year ago.

Boustead Projects' shares rose 0.5 Singapore cent or 0.5 per cent to finish at 90.5 Singapore cents on Tuesday.