Chip Eng Seng’s Q2 net profit down by 14%

Chip Eng Seng reported a year-on-year decrease of 14.2 per cent in its net profit for its second quarter to S$17.7 from S$20.7 million recorded during the same period last year.

The construction and property group also registered a 31.1 per cent decline in its second quarter revenue to SS$86 million compared to S$125 million a year ago.

Losses were attributed to the marketing and selling expenses incurred by the group’s interest in two joint-venture development projects, namely Belysa and Privé.

There was also the absence of share of profits from The Parc Condominium, CityVista Residences and Grange Infinite, all of which have obtained Temporary Occupation Permits.

Chip Eng Seng’s executive chairman Lim Tiam Seng said the company will be monitoring developments in the local property market closely in view of growing uncertainty in the global economy and financial markets.

“Our construction arm, with its track record and experience, is also well positioned to benefit from the ramp-up in building of BTO flats. We are actively participating in tenders for such projects,” he stated.

The full story is available at Channel News Asia.

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