Chip Eng Seng Q3 net profit falls 10% to $27.2m

CONSTRUCTION group Chip Eng Seng yesterday reported a net profit of $27.2 million for its third quarter ended Sept 30, down 10 per cent from $30.3 million a year ago. Revenue was down 65.8 per cent at $89.9 million, from $262.7 million a year ago.

The significant decrease in revenue was attributed to the company's property development segment, which recorded $21.8 million of revenue, down from $194.1 million.

The same quarter a year ago, Chip Eng Seng had recognised results from the delivery of the completed residential units of Australian project 33M. Under the company's construction segment, revenue remained at the $68 million mark.