SINGAPORE (Feb 13): Boustead Singapore posted a 17% fall in 3Q earnings to $7.80 million from $9.45 million a year ago.
Revenue was 12% lower at $102.2 million from $115.7 million last year.
The prolonged global oil & gas recession continued to weigh on revenue at the energy-related engineering division, which came in at $25.4 million.
Faced with a challenging industrial real estate sector in Singapore, the real estate solutions division under Boustead Projects registered revenue that was 28% lower y-o-y at $47.9 million.
Firm demand for products and services at the Geo-Spatial Technology Division lifted revenue 6% higher y-o-y to $28.4 million.
Cost of sales dropped 19% to $63.2 million compared to $77.9 million a year ago.
Hence, gross profit for the quarter came in at $38.9 million, 3% higher than $37.8 million in 3Q17.
During the quarter the group recorded other losses of $1.32 million, compared to other gains of $3.14 million in the same period last year, mainly due to the currency exchange effects, which significantly lowered total profit and net profit.
The group’s current order book backlog stands at about $350 million.
Looking ahead, Boustead Singapore expects to be profitable in FY18.
Shares in teh counter closed at 82 cents on Tuesday.
