Chip Eng Seng Q4 net profit up 52.5% to S$14.9m
CONSTRUCTION and property development group Chip Eng Seng reported a net profit of S$14.9 million for its fourth quarter ended Dec 31, 2016, 52.5 per cent higher than S$9.8 million a year ago.
Higher profits were driven by a net fair value gain on investment properties and lower administrative expenses due to a lower impairment loss on a development property and the absence of a fair value loss on investment properties.
Revenue rose 62.5 per cent to S$250 million compared with S$153.9 million a year ago, driven by higher progressive revenue recognised for residential project High Park Residences.
A first and final dividend of four Singapore cents per share was declared, unchanged from a year ago.
The counter closed at S$0.71, up half a cent, before results were out.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Stocks to watch: Nio, Sembcorp, Paragon Reit, Oiltek
RBA seen as the only other major central bank at risk of hiking
Qatar Airways closes in on major Boeing, Airbus widebody order
Trend Micro taps Nvidia software tools for AI cybersecurity offering
Cathay Pacific looking to add more Belt and Road destinations, CEO says
Canadian dollar gains despite GDP miss as US bond yields ease