Builder and developer Chip Eng Seng says after-tax profits for 3Q2010 increased by 37.0% to $23.7 million from $17.3 million in 3Q2009. Total revenue increased by 9.8% to $115.2 million from $104.9 million.

Construction
Revenue contribution came mainly from on-going projects such as Grange Infinite, Queenstown RC25, Sengkang N4C3 and Punggol West C25. However, revenue decreased by 10.9% to $71.7 million for 3Q2010 due to the completion of two major projects, The Parc Condominium and CityVista Residences in 3Q2010.

Property Development
Revenue increased by 78.8% to $43.1 million for 3Q2010 compared to $24.1 million for 3Q2009. The increase was due to revenue recognised progressively from sale of units in a property development project, Oasis@Elias, which was launched for sales in the second half of 2009.

Share of results of associates increased by 40.4% to $22.4 million for 3Q2010 compared to $16.0 million for 3Q2009. The increase was due to the progressive recognition of profits from joint development projects with strategic partners, such as The Parc Condominium, CityVista Residences and Grange Infinite.

Property Investment
Revenue contribution for current quarter was comparable to that of 3Q2010.

Gross profit increased from $5.9 million to $9.2 million as a result of profit recognised progressively from the sale of units in a 100% owned property development project, Oasis@Elias, which was launched in the second half of 2009 and profit recognised from on-going construction projects.

Group pre-tax and increased by 19.8% to $22.1 million and 37.0% to $23.7 million respectively compared to 3Q2009. The increase was mainly attributed to the increase in contribution from the share of results of associates, profit recognised progressively from the sales of a 100% owned development project, Oasis@Elias and profit recognised from on-going construction projects.