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Boustead Singapore posts 12% higher Q3 net profit at S$8.7m

MAINBOARD-LISTED Boustead Singapore has reported S$145.6 million revenue for its third quarter, or a 43 per cent increase year-on-year. However, its net profit climbed at a slower pace of 12 per cent to S$8.7 million, mainly due to gross margin pressure, higher overhead expenses, share of losses of associated companies and joint ventures and higher income tax expense.

The global infrastructure-related engineering services, geo-spatial technology and healthcare group's earnings per share was 1.8 Singapore cents for the quarter ended Dec 31, up from 1.5 Singapore cents in the preceding year.

For the nine months ended Dec 31, total revenue climbed 25 per cent year-on-year to S$370.9 million. Net profit has grown at a quicker pace of 56 per cent year-on-year to S$27.8 million, mainly supported by higher gross profit, other income and sizeable other gains from the completed sale of 25 Changi North Rise in the first quarter.

Net asset value per share as at Dec 31, 2018  strengthened to 66.6 Singapore cents from 62.8 Singapore cents a year ago.

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Chairman and group chief executive officer of Boustead Wong Fong Fui said: "Our steady results in the first nine months were achieved on broad-based revenue growth and healthy operating profit across our divisions, with our energy-related engineering division and newly acquired healthcare division displaying positive, albeit small profits. During the past few months, our real estate solutions division also secured a record level of contract wins including several high-profile projects.

"While we continue to see gradual improvement in the outlook of the respective industries that we operate in, the business environment remains challenging with global geo-political headwinds. Behind the scenes, we continue to diligently evaluate good acquisition and investment opportunities that may arise and are also in the process of reviewing the best avenues of working capital deployment for our Healthcare Division’s various proposed programmes for strategic growth," added Mr Wong.

The group's order book backlog currently stands at a record quarterly-ending level of S$765 million.

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