Fall in 'other gains' hits Boustead's Q1

ENGINEERING group Boustead Singapore's net profit for the first quarter ended June fell 9 per cent to S$16.1 million from S$17.7 million a year ago due to a fall in net "other gains".

Earnings per share were 3.1 Singapore cents, down from 3.5 Singapore cents. Adjusting for other gains, which came up to S$3.3 million in compared with S$7.7 million a year ago, net profit for Q1 FY2015 would have been 29 per cent higher.

For the quarter under review, the infrastructure-related engineering services and geo-spatial technology group saw revenue dip 2 per cent, from S$128.7 million to S$126.5 million. The energy-related engineering division achieved revenue of S$41.5 million, up 9 per cent. Revenue growth was driven by the downstream oil & gas business.