SINGAPORE (Aug 7): BBR Holdings reported earnings of $3.2 million in 1H17 from a net loss of $5 million in 1H16, mainly from improved share of associates’ profits.
Share of results of associates amounted to $6.2 million in this half year ended June from the recognition of sales of 238 units of Lake Life Executive Condominium.
Group revenue however decreased 55.5% y-o-y to $69.1 million in 1H17 from $155.3 million in 1H16 due to lower sales registered for both General Construction and Specialised Engineering Segments.
However, with the difference in project mix over the two periods, gross profit margin in 1H17 improved to 12.9% from 4.4% in 1H16 resulting in gross profit increasing by 30.9% to $8.9 million from S$6.8 million.
Administrative costs and other operating costs increased by 11.3% and 22.5% respectively due to higher depreciation, salaries, professional fees and research and development costs as mentioned above.
As at end June, cash and cash equivalents stood at $44.4 million.
Andrew Tan, BBR’s Chief Executive Officer, says, “Despite the challenging business environment, we are committed to strengthening our core competencies while we invest upfront in building technology of the future.”
Shares in BBR closed 1 cent lower at 22 cents on Monday.
