OKP Holdings, the infrastructure and civil engineering company, says the group posted a revenue of $33.9 million and net profit after tax of $3.5 million for the first quarter ended 31 March 2010 (1QFY2010), up 14.5% and 10.1% compared to the same corresponding quarter a year ago respectively.

OKP says the construction segment continued to contribute the lion’s share of overall revenue, recording revenue of $27.4 million for the quarter, an increase of $6.5 million or 31.1% from the $20.9 million in the previous corresponding period. This was mainly attributed to a higher percentage of revenue recognised from a few construction projects which were in full swing in the period under review.

The maintenance segment registered revenue of $6.5 million compared to $8.7 million in the previous corresponding quarter. The difference was due primarily to the substantial completion of existing maintenance projects in the first quarter of 2010 and the absence of new maintenance contracts secured for the period.

To date, OKP has secured three public sector projects totalling $39.5 million. The projects include construction and maintenance works at Tuas South Avenue 12 and Tuas South Avenue 14 worth $5.2 million from the Jurong Town Corporation, ad hoc repairs and upgrading of roads, road related facilities and road structures in Central Sector for a period of 39 months worth $19.4 million and ad hoc repairs and upgrading of roads, road related facilities and road structures in North-West Sector for a period of 39 months worth $14.9 million from the Land Transport Authority.

OKP says the above projects will be completed and delivered to clients progressively from now until 2013. The group’s order book stands at $306.1 million based on secured contracts as at 10 May 2010, with some projects completing in 2013.

In line with the overall positive economic climate, Group Managing Director Or Toh Wat expects the outlook for the construction industry to remain healthy over the next 12 months. The Ministry of Trade and Industry (MTI) had announced last month that it expected the Singapore economy to grow by 7% to 9% in 2010, up from 4.5% to 6.5%. It also expects that Singapore’s Gross Domestic Product to expand by 13.1% year-on-year in the first quarter of 2010.