Chip Eng Seng Corp has reported earnings of $38.5 million for 1HFY2022, a surge from $99,000 recorded in the year earlier period. Revenue in the same period was $626.3 million, up 2.2%.
The company enjoyed earnings contribution from associates, reversing from a loss. Higher interest income and forex gains added to the bottomline as well.
The company’s construction segment showed significant improvement, with revenue up 75.1% y-o-y to $288.4 million. Hospitality, similarly, was up 51.1% y-o-y to $28.4 million.
Property development, meanwhile, was down 29.6% y-o-y to $295 million, mainly attributable to absence of sale of development site at Gladstone Street, South Melbourne and Grandeur Park Residences and lower contribution from Park Colonial, partially offset by higher contributions from Kopar at Newton and Parc Komo.
Chip Eng Seng shares closed on Aug 5 at 63 cents, up 0.8%.