SINGAPORE: Singapore-listed construction group Soilbuild posted a 25.8% decline in net profit to $2.2m for the three month period ending in September.
This is despite the recorded higher revenue due to the progressive revenue contributions from its on-going local building projects.
According to the group, the group’s lower profit reflected the recognition of revenue from its HDB projects that generated lower profit margins, as well as increase in construction cost for certain projects following the extension of construction period of these projects.
Souilbuild Executive Director Ho Toon Bah said while the group recorded a stable result, its overseas markets, especially in Myanmar, are expected to contribute to its earnings in the future.
“The Group expects that these projects would contribute more revenue and profit in the near future as they progress further. On the business prospect, the Group will strike to secure more construction contracts in the Myanmar market by capitalising on its strength and experience,” Ho said.
He added,”The execution of the Group’s local civil works contracts have also contributed its maiden revenue and profit to the Group during the period under review. The Group will remain focus in executing these projects efficiently and continue to look out for new tender opportunities in the local market.”
