SINGAPORE (Feb 8): BRC Asia, the provider of steel reinforcement solutions in Singapore, reported a 36% rise in 1Q earnings to $2.6 million from $1.9 million a year ago on higher sales.
Revenue rose 26% to $100.9 million from $80 million. Cost of sales increased 25% two $93.3 million. Gross profits increased 44% to $7.6 million while gross profit margin increased to 7.5% from 6.6%.
Although general economic and property market sentiments have improved significantly, BRC Asia says any improvement in construction demand will only translate to more work for the construction supply chain which it is involved in, in 12 to 18 months' time.
Shares in BRC Asia closed 2 cents higher at $1.38 on Thursday.