Chip Eng Seng Corporation has reported earnings of $99,000 for its 1HFY2021, a reversal from a loss of $24.4 million in the year earlier period.
With more contribution from its property development business, as well as the resumption of construction activities, the company’s revenue for the six months ended June was $622.4 million, up 114.6% y-o-y.
Since its last update on March 14, Chip Eng Seng has sold more property units at its various on-going projects. For Parc Komo is now 67% sold, as measured by options to purchase issued; Kopar at Newton is 51.9% sold. Another project, Park Colonial is fully sold.
As at June 30, the company’s construction arm has an order book of $1.4 billion, up slightly from $1.31 billion as at Dec 31 2021.
Last week, the company warned that its education investments in China might be impacted by the new policies on commercial education providers.
Chip Eng Seng shares closed Aug 5 at 45 cents, up 1.12% for the day.
