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SINGAPORE : Mainboard-listed engineering firm Boustead Singapore said its net profit more than tripled on-year to S$31.9 million for the first quarter ended June.
Revenue doubled to S$239 million.
The group said the revenue growth was mainly due to the downstream oil & gas business, which saw a robust recovery in its order book.
It also said the Real Estate Solutions Division was the largest revenue contributor at S$168.8 million.
This is an increase of 137 per cent and is partly due to the S$67.8 million sale of IBM Singapore Technology Park.
Going forward, Chairman and Group CEO of Boustead Wong Fong Fui said the group is looking to utilise its net cash of S$195.5 million to make additional strategic acquisitions.
He added that the group's order book backlog of over S$580 million should see it smoothly through the current 2011 financial year, which it expects to be better than the previous year. - CNA /ls
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