SINGAPORE (May 9): Civil engineering group Hock Lian Seng Holdings saw earnings fall 16.6% to $2.1 million to the first quarter ended March, from $2.5 million a year ago.
This was mainly due to the absence of a $1.1 million gain in 1Q16 from its share of profit from a joint venture.
Revenue grew 18.7% to $28.0 million in 1Q17, compared to $23.6 million in the corresponding period last year.
This was mainly attributable to a $4.4 million increment in revenue from its civil engineering segment to $27.9 million, as a result of the commencement of the new Changi Airport joint venture project.
There was no revenue contribution from Hock Lian Seng’s property development segment in the quarter.
Meanwhile, revenue from its investment property segment remained insignificant at $0.1 million.
Cash and cash equivalents stood at $200.8 million as at March 31, 2017.
As at end-March 2017, the group’s order book stands at approximately $915 million.
Looking ahead, Hock Lian Seng says it will continue to tender for infrastructure projects competitively and explore other business opportunities in property-related segments to enhance shareholders’ value.
Shares of Hock Lian Seng closed half a cent lower at 47.5 cents on Tuesday.
