Chip Eng Seng Q3 profit more than doubles on sale of Australia property, higher revenue

PROPERTY and construction firm Chip Eng Seng on Friday said that net profit more than doubled on a disposal gain and as revenue rose.

Net profit for the three months ended Sept 30, 2017 stood at S$14.05 million, up from S$5.71 million the same period a year ago.

The firm recorded a gain from the disposal of an office building at 420 St Kilda Road in Melbourne, Australia.

Revenue also rose 37.8 per cent to S$209 million.