SINGAPORE (July 7): Boustead Singapore, the engineering services and geo-spatial technology group saw its earnings rise 11% to $18.5 million for 2H20 ended March, from the $16.6 million posted in 2H19.

The group, however, saw earnings for FY20 fall 5% to $30.9 million compared to the $32.5 million reported in FY19.

The fall in earnings was due to the absence of a $5.9 million pre-tax gain on the sale of 25 Changi North Rise registered in the previous year. The drop was also attributable to gross margin pressure, fair value losses on investment securities, as well as higher administrative, finance and income tax expenses, and impairment losses related to the end of legacy projects.

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