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Soilbuild Construction's Q1 profit down 10.5%

SOILBUILD Construction Group's revenue for the first quarter ended March rose 45.6 per cent from S$70.42 million to S$102.51 million mainly due to progressive revenue contributions.

However, foreign exchange losses of S$147,000 in the current quarter, versus a S$148,000 gain on disposal the previous year contributed to net profit dropping 10.5 per cent from S$4.43 million to S$3.97 million.

"The results for Q1 FY2016 was mainly driven by the progressive execution of our current projects, some of which generated relatively lower gross profit margin owing to the respective project nature and construction risk profile," said Ho Toon Bah, executive director of Soilbuild Construction Group. "The group will exert more efforts to lower our construction cost so as to improve our overall profitability."

The group's order book stands at S$678.7 million to-date, of which the group expects to recognise substantially over the next 24 months, added Mr Ho.