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BUILDING & ENGINEERING | Staff Reporter, Singapore

Boustead profits up 31% to $9.54m in Q2

But revenue fell due to its weaker design-and-build and leasing segments.

Industrial real estate solutions provider Boustead Projects Limited's (BPL) profits jumped by 31% YoY from $7.27m to $9.54m in Q2.

According to its financial statement, this was achieved on a better overall gross margin due to productivity improvements and the unlocking of project cost savings.

However, revenue fell 19% YoY to $50.12m due to lower revenue contributions from both the design-and-build and leasing businesses. The previous year’s comparative period had more projects with greater work progress.

There was also was a lower total value of contracts secured during 2017 for revenue conversion during the quarter.

Cost of sales narrowed down by 33% to a negative value of $31.59m.

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