Chip Eng Seng's Q3 profit falls 58%

CHIP Eng Seng Corporation reported a 4.2 per cent drop in revenue to S$151.8 million for the quarter ended Sept 30, 2016, from S$158.4 million the year before.

Profit attributable to shareholders tumbled 57.9 per cent to S$5.7 million, from S$13.6 million. Earnings per share fell to 0.91 Singapore cent, from 2.18 Singapore cents.

The construction and property group said that the decrease was due to a poorer showing from its property development division during the quarter, though that was partially offset by higher revenue from its construction division.

Chip Eng Seng's shares closed unchanged at 64.5 Singapore cents apiece.