CONSTRUCTION and property development group Chip Eng Seng reported a net profit of S$14.9 million for its fourth quarter ended Dec 31, 2016, 52.5 per cent higher than S$9.8 million a year ago.

Higher profits were driven by a net fair value gain on investment properties and lower administrative expenses due to a lower impairment loss on a development property and the absence of a fair value loss on investment properties.

Revenue rose 62.5 per cent to S$250 million compared with S$153.9 million a year ago, driven by higher progressive revenue recognised for residential project High Park Residences.

A first and final dividend of four Singapore cents per share was declared, unchanged from a year ago.

The counter closed at S$0.71, up half a cent, before results were out.