Boustead Projects' net profit up 73% in Q1 on one-off gain

REAL estate solutions specialist Boustead Projects posted a net profit of S$10 million for its first quarter, up 73 per cent from S$5.8 million a year ago. This was buoyed by a non-recurring other gain from the sale of 25 Changi North Rise.

After adjusting for this gain and expenses associated with the sale, total profit would be 11 per cent lower year-on-year, mainly due to higher overhead expenses and greater share of loss of an associated company and joint ventures.

Revenue went up 7 per cent to S$48.8 million, due to higher revenue contributions from its design-and-build business.

Earnings per share stood at 3.2 cents, up from 1.8 cents previously.

No dividend was declared for the quarter. The current order book backlog stands at about S$202 million.

Thomas Chu, managing director of Boustead Projects, said: "With a slightly better outlook for FY2019, we remain positive that our market leadership, financially-sound position and strong business development efforts will allow us to capitalise on a steady pipeline of opportunities both in Singapore and overseas."

He added that the group will continue to invest in smart and eco-sustainable building capabilities, drive cost and productivity improvements, and intensify efforts in securing strategic partnerships and acquisition targets that can support their market expansion and extend their capabilities.