Boustead Singapore profit and revenue fall on FX losses, oil & gas recession

Singapore

FOREIGN exchange losses and the continued global oil and gas recession dampened mainboard-listed Boustead Singapore's performance in FY2018, with net profit falling 24 per cent to S$25.39 million and revenue dipping 5 per cent to S$414.1 million.

Energy-related engineering revenue was weighed down by delays in major expenditures by clients, and posted a 2 per cent decline to S$94.9 million. Meanwhile, real estate solutions revenue decreased by 12 per cent to S$201.3 million amid headwinds in the industrial real estate sector.