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Chip Eng Seng reports 30% fall in 1Q earnings to $6.1 mil on lower sales from construction

PC Lee
PC Lee5/4/2018 06:27 PM GMT+08  • 2 min read
Chip Eng Seng reports 30% fall in 1Q earnings to $6.1 mil on lower sales from construction
SINGAPORE (May 4): Chip Eng Seng, the property developer and construction firm, reported 1Q earnings fell 30% to $6.06 million from $8.6 million a year ago.
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SINGAPORE (May 4): Chip Eng Seng, the property developer and construction firm, reported 1Q earnings fell 30% to $6.06 million from $8.6 million a year ago.

Group revenue increased 22.3% to $204.3 million from $167.1 million, mainly driven by robust contribution from the Property Developments and Hospitality divisions although revenue from Construction Division was lower.

Revenue from Property Developments climbed 52.3% to $137.2 million in 1Q18 from $90.1 million in 1Q17 due to the progressive recognition of High Park Residences, Grandeur Park Residences and Williamsons Estate.

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