SINGAPORE (Aug 7): Boustead Projects reported 1Q20 earnings of $4.7 million, 53% lower compared to the $10 million in 1Q19, on absence of one-off gains from sale of 25 Changi North Rise in FY19.
Earnings for 1Q19 was also affected by lower margins from current projects and a lower quantum of cost savings from previously completed projects.
This was despite a 59% increase in revenue to $62.4 million from $39.2 million a year ago, driven by revenue increases from both the group’s Design-and-Build and Real Estate business segments.
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