Corporate digest

Chip Eng Seng

MAINBOARD-LISTED Chip Eng Seng Corporation reported on Thursday a 647.9 per cent increase in its net profit for the first quarter. For the three months ended March 31, 2017, net profit stood at S$6.1 million, compared to S$817,000 the year before. Earnings per share was 0.98 Singapore cent, against the year-ago quarter's 0.13 Singapore cent.

Revenue was up by 62.6 per cent to S$181.9 million, which was attributable to higher contributions from the property development and construction divisions. On Thursday, the company announced that its wholly-owned subsidiary, Chip Eng Seng Contractors (1988) Pte Ltd, was awarded a S$110.8 million contract by HDB for construction works at Toa Payoh Bidadari Contracts 8 and 9.