Boustead Singapore Q1 profit up 11% to S$6.99m

ENGINEERING firm Boustead Singapore recorded an 11 per cent increase in net profit to S$6.99 million for its fiscal first quarter from the previous year, due to foreign exchange movements under other gains and losses, the company announced on Friday evening.

For the three months ended June 30, revenue slipped 3 per cent year-on-year to S$113.71 million.

Revenue was weighed down by the energy-related engineering division, where revenue declined 24 per cent to S$26.1 million from a year ago, due to the depressed state of the global oil and gas industries.

Earnings per share for the period edged up to 1.3 Singapore cents, from 1.2 Singapore cents a year ago.

Net asset value per share was 59 Singapore cents as at June 30, up from 58.3 Singapore cents as at March 31.

The counter closed two Singapore cents lower at 78 Singapore cents on Friday.