Chip Eng Seng Q4 net falls

CONSTRUCTION and property group Chip Eng Seng's fourth-quarter net profit fell 11.7 per cent year-on-year, due to lower profits from its construction and property development divisions.

Net profit for the three months ended Dec 31, 2013 was $34.6 million or 5.34 cents per share, against $39.2 million or 5.93 cents per share a year ago.

A lower net fair value gain on the group's investment properties of $13 million, compared to $30 million a year earlier, also affected the bottom line.