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SINGAPORE: Mainboard-listed construction firm, Sim Lian Group, said that its first quarter net profit rose 23 percent from a year ago to S$27.6 million.
Revenue for the three months ended September edged up 2 percent to S$194.4 million.
Sim Lian said that its contract costs fell S$4.6 million despite an increase in revenue in the quarter. This was mainly due to a revision of contract costs for a development project, as well as the write-back of costs for certain construction projects.
Looking ahead, the company said development projects are expected to contribute positively to its performance in the current financial year. It plans to launch an industrial project at Ubi Avenue.
Sim Lian said its construction division remains selective in all tenders to ensure jobs are secured with reasonable prices and margins.
Sim Lian added that it expects to achieve a set of profitable operating results for the current financial year.
- CNA/sc
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