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Chip Eng Seng's Q1 profit surges

MAINBOARD-LISTED Chip Eng Seng Corporation reported on Thursday a 647.9 per cent increase in its net profit for the first quarter.

For the three months ended March 31, 2017, net profit stood at S$6.1 million, compared to S$817,000 the year before. Earnings per share was 0.98 Singapore cent, against the year-ago quarter's 0.13 Singapore cent.

This comes as a gain on disposal of a quoted investment securities amounting to S$4.9 million helped to increase "other income" to S$7.7 million from S$2.4 million the previous year.

Chip Eng Seng posted a 62.6 per cent increase in revenue from S$111.9 million for Q1 2016 to S$181.9 million for Q1 2017, which was attributable to higher contributions from the property development and construction divisions. In line with higher revenue, gross and pre-tax profits also increased.

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On Thursday, Chip Eng Seng announced that its wholly owned subsidiary, Chip Eng Seng Contractors (1988) Pte Ltd, has been awarded a S$110.8 million contract by the Housing & Development Board for the construction works at Toa Payoh Bidadari Contract 8 and Contract 9.

Chip Eng Seng closed trading at S$0.75 on Thursday, up half a cent, or 0.67 per cent.