Boustead S'pore Q1 profit rises 315% to S$12.2 million

Boustead Singapore Limited reported a net profit of S$12.2 million for its fiscal first quarter ended June 30, up 315 per cent from S$2.9 million a year ago, on the back of better operating performance and sizeable other gains.

Revenue rose 18 per cent from S$90.3 million to S$107 million.

The group noted that as its revenue is largely derived from project-oriented businesses, quarterly results would not accurately reflect the full-year performance. Boustead recorded sizeable gains mainly from the completed sale of 25 Changi North Rise through its separately listed real estate solutions division under Boustead Projects Limited, as well as forex gains.

On a comparative basis after adjusting for other gains and losses net of non-controlling interests, net profit would have been approximately S$3.3 million or 72 per cent higher year-on-year.

Earnings per share rose to 2.5 Singapore cents from 0.6 cent in the corresponding quarter of the previous year.

Boustead shares closed flat at S$0.79 on Monday before results were announced.