SINGAPORE (Aug 8): Civil engineering solutions provider Huationg Global posts an 84.6% surge in earnings to $5.1 million for the half year ended June, from $2.8 million a year ago.
Revenue grew 10.7% to $67.8 million in HY2017, from $61.2 million a year ago.
This was mainly due to the group’s sale of construction materials segment, which saw revenue nearly quadruple to $12.0 million in HY2017.
In addition, revenue from Huationg’s civil engineering services segment gained 0.4% to $50.5 million.
Gross profit grew 39.5% to $15.3 million in HY2017, from $10.9 million a year ago, on the back of a 4.6 percentage point improvement in gross profit margin to 22.5%.
As at end June, cash and cash equivalents stood at $6.0 million.
“Since attaining a higher A1 grading with the Building and Construction Authority (BCA), we have seen more opportunities with larger-scale projects of higher value and have managed to strengthen our order book with new contract wins,” says Huationg’s executive director and group CEO, Patrick Ng.
“Looking ahead, we expect public sector demand for civil engineering to be buoyant as projected by the BCA. We believe Huationg Global is well-positioned to capture opportunities that may arise in this area given our track record,” he adds.
Shares of Huationg Global last closed at 14 cents on Aug 2.
