Boustead's Q2 profit nearly doubles to S$17.5m

TECHNOLOGY and engineering firm Boustead Singapore reported a net profit of S$17.5 million for its second quarter ended Sept 30, 2014, up 94 per cent from S$9 million a year ago. Revenue increased 14 per cent to S$129.7 million, from S$113.3 million in the year-ago period.

An interim dividend of two cents per share was declared, unchanged from a year ago. Investors can also opt to get their dividends in scrip.

Boustead said its revenue is largely derived from project-oriented businesses so year-on-year comparisons, rather than quarterly results, will be more appropriate for analytical purposes.

Wong Fong Fui, Boustead chairman and CEO, said the company expects to deliver a reasonable level of profit for its current financial year. This is due to a strong order book and recent business development initiatives in the real estate solutions division, he said.

Boustead's order book stood at S$441 million at end-September.

The company said its real estate solutions division has secured S$200 million worth of contracts since April, more than what it got in the whole of its last financial year.

Boustead traded unchanged at S$1.85 a share before results were announced.