Wee Hur Holdings, the BCA Grade A1 builder and property developer, recorded a 26% increase in net profit to $5.4 million in 1Q2010 from $4.3 million in 1Q2009.

Revenue for the group fell 35.5% in 1Q2010 as the new projects were still in their early stage of work in progress and hence the recognition of revenue was lower. The lower revenue also resulted in reduced gross profit and gross profit margin for the quarter.

The acquisition of Villas@Gilstead Pte Ltd as a subsidiary also brought an increase in the group’s current assets with the consolidation of the new subsidiary’s development property cost into the balance sheet.

Strong cash inflow came from higher receipts collections as evident in a sharp reduction in trade and other receivables balances as well as the exercise of warrants conversion. Approximately 35.7 million warrants were converted at an exercise price of $0.30 each during the quarter, raising a net proceeds of $10.7 million. The cash inflow boosted the group’s cash and bank balances to $56.6 million as at 31 March 2010.

The group continued to strengthen its order book in the quarter by securing a $103.6 million project from CapitaMall Trust. This project involves the enhancement of Jurong Entertainment Centre at 2 Jurong East Street 13. This new five-storey shopping and entertainment complex will boast Singapore’s first Olympic-size ice skating rink in the centre of the building. As at 31 March 2010, the group’s order book has grown to $315.6 million with projects lasting till FY2013.