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Boustead Singapore posts 58% fall in 1Q earnings to $2.9 mil

Samantha Chiew
Samantha Chiew8/10/2017 7:10 PM GMT+08  • 2 min read
Boustead Singapore posts 58% fall in 1Q earnings to $2.9 mil
SINGAPORE (Aug 10): Boustead Singapore reported 1Q18 earnings of $2.9 million, down 58% from $7 million in 1Q17.
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SINGAPORE (Aug 10): Boustead Singapore reported 1Q18 earnings of $2.9 million, down 58% from $7 million in 1Q17.

This was significantly due to currency exchange effects which in turn caused a swing to other losses of $1.65 million in 1Q18 from other gains of $883,000 in 1Q17.

Net profit declined at a faster pace than total profit due to higher contributions by Boustead Projects to total profit, which resulted in the dilutive effect of the higher non-controlling interests on net profit.

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