Oil slump drags down Boustead Singapore Q4

Singapore

TIGHTENED belts across the oil and gas industry sent fourth-quarter earnings for engineering and real estate firm Boustead Singapore into the doldrums. The group also warned that profits could be even worse in its financial year ended March 31, 2017, but said it was on the lookout for potential acquisitions.

Net profit for the three months ended March 31 dived 77 per cent from the previous year to S$4.12 million. This was on the back of an 8 per cent drop in Q4 revenue to S$112.46 million over the period, largely weighed down by its energy-related business.