Chip Eng Seng Q1 profit soars on property project

CONSTRUCTION and property group Chip Eng Seng's first-quarter net profit more than quadrupled year-on-year, mainly from higher revenue in its property development division.

Net profit for the period ended March 31, 2014, was $21.6 million or 3.35 cents per share, up from $4.67 million or 0.72 cent per share a year ago.

The group's net profit margin was 10.9 per cent for the quarter, higher than the 3.6 per cent in Q1, 2013.