Boustead Projects reports 19% growth in Q3 net profit

BOUSTEAD Projects saw third-quarter revenues hurt by a lower revenue contribution from its design-and-build business; but lower expenses helped to boost its bottomline significantly.

The industrial real estate solutions provider reported on Thursday that its revenue for the quarter ended Dec 31, 2016, fell 22 per cent to S$66.6 million, from $85.6 million the year before.

Its net profit attributable to shareholders was, however, up 19 per cent to S$8.5 million, from S$7.2 million a year ago. This was thanks mainly to lower selling and distribution, administrative, finance and income tax expenses, the company said.

Boustead Projects also said that, as its revenue is largely derived from project-oriented business, its quarterly results would not accurately reflect the full-year's performance.

For the nine months to Dec 31, 2016, the company's revenue was down 3 per cent to S$190.0 million, while its net profit was up 25 per cent to S$21.8 million.

Its shares closed on Thursday one cent lower at S$0.74.