SINGAPORE (Nov 11): Boustead Singapore reported a 26% fall in 2Q17 earnings to $7.6 million on the depressed state of the oil and gas industries impacting performance of the energy-related engineering division.
Revenue for the quarter dipped 1% to $113.5 million driven by the 28% decline in revenue from the Energy-Related Engineering division to $25.4 million. Geo-Spatial Technology division also faced currency headwinds, resulting in a 2% decrease in revenue to $25.7 million, which was mitigated by the Real Estate Solutions division’s 16% increase in revenue to $62.2 million.
“Going forward, we will continue to prudently manage our costs in view of the muted economic prospects both globally as well as in Singapore,” says Wong Fong Fui, chairman and group chief executive officer, Boustead
