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Chip Eng Seng posts 84% higher 1Q earnings of $11.3 mil on property development, hospitality segments

PC Lee
PC Lee5/7/2019 07:23 AM GMT+08  • 1 min read
Chip Eng Seng posts 84% higher 1Q earnings of $11.3 mil on property development, hospitality segments
SINGAPORE (May 7): Property group Chip Eng Seng reported 1Q earnings of $11.3 million or 1.8 cents, 84.6% higher compared to $6.12 million, or 0.99 cents, a year ago due to higher sales.
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SINGAPORE (May 7): Property group Chip Eng Seng reported 1Q earnings of $11.3 million or 1.8 cents, 84.6% higher compared to $6.12 million, or 0.99 cents, a year ago due to higher sales.

Revenue rose 34.2% y-o-y to $267.3 million as property development segment grew 48.9%, driven by the Grandeur Park Residences and Park Colonial private-home projects here.

Hotel contributions also rose by 19.7%, lifted by contributions from the Mercure and Ibis Styles Grosvenor Hotel in Adelaide, which the group acquired in March last year.

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