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Chip Eng Seng reports 1HFY20 losses of $24.4 million

The Edge Singapore
The Edge Singapore8/3/2020 10:32 PM GMT+08  • 1 min read
Chip Eng Seng reports 1HFY20 losses of $24.4 million
Its order book has increased to $1.29 billion from $591.2 million six months ago
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Chip Eng Seng Corporation has reported losses of $24.4 million for 1HFY20 ended June 30, versus earnings of $15.2 million in the year-earlier period.

Revenue in the same period was down 42.5% y-o-y to $290 million, due to lower turnover from its property development, construction and hospitality businesses.

Due to the government-mandated stoppage of construction work in a bid to curb the spread of Covid-19, Chip Eng Seng’s core construction and property development activities were stymied. “Minimal revenue was recognised,” says the company in its earnings statement.

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