Boustead Singapore's Q4 earnings plunge

ENGINEERING and real estate firm Boustead Singapore's net profit plunged in its fourth quarter, as oil and gas companies cut back on spending amid a crude oil slump.

Earnings for the three months ended March 31 dived 77 per cent from the previous year to S$4.12 million, Boustead said in a bourse filing Tuesday evening.

Revenue fell 8 per cent to S$112.46 million over the period.

Earnings per share came in at 0.8 Singapore cent for Q4, down sharply from 3.4 Singapore cents in the year-ago period. Net asset value per share was 58.3 Singapore cents as at March 31 this year, down from 73 Singapore cents as at March 31 last year.

The group proposed a final ordinary dividend of two Singapore cents per share. Boustead shares rose a cent to S$0.795 before its results were released.