Gross profit surged due to growth from both segments. The higher gross profit from the company’s civil engineering arm was mainly due to the finalisation of account with subcontractors as the joint venture (JV) project with Changi Airport Group (CAG) nears completion. In addition, higher revenue and favourable selling prices for the company’s units at Shine@Tuas South saw an added $7.5 million gross profit for the property development segment. Shine@Tuas South is an industrial property at 11 Tuas South Link 1.
Civil engineering company Hock Lian Seng has reported earnings of $20.4 million for the 1HFY2024 ended June 30, 128.7% higher y-o-y or more than double its earnings of $8.9 million in the corresponding period the year before.
While revenue fell by 6% y-o-y to $99.8 million, the company’s gross profit more than quadrupled to $21.3 million from $6.8 million in the 1HFY2023. The revenue decline was attributed to the lower revenue for Hock Lian Seng’s civil engineering segment and offset by the high turnover from its property development segment.
