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Rowsley's Q1 profit jumps 70% to S$3.1m
ROWSLEY turned in a net profit of S$3.1 million for the first quarter ended March 2015, a 70 per cent increase from S$1.8 million a year ago.
Revenue fell 25 per cent to S$16.3 million due to a fall in contribution from architectural services which was partially offset by higher revenue from civil and structural engineering services and master planning services.
"Our first quarter results were slightly dampened by the decline in contribution from architectural services relative to the same quarter last year, which saw more projects reaching major milestones," said Rowsley chief executive Lock Wai Han in a statement.
He also expressed disappointment that the firm's proposed investment in Myanmar "did not pan out as planned".
"Nevertheless, we have been actively pursuing other prospects and will ensure that our cash will be put to good use," he added.
Earnings per share stood at 0.07 Singapore cents, up from 0.04 Singapore cents.
No dividend was declared for the period under review, same as the corresponding period a year ago.