Hock Lian Seng Holdings, the civil engineering infrastructure builder and a building materials supplier, announced a net profit of $18.4 million for its nine months ended 30 September 2011 (9M11), down 11.7% year-on-year (yoy).
Revenue decreased 23.4% yoy from $176.5 million in 9M10 to $135.1 million in 9M11 due to a 26% decrease in progress billing recognised for civil engineering segment with the substantial completion of the Marina Bay station project in 2010.
The group’s building material segment recorded $2.9 million revenue as at nine months ended 30 September 2011, down from $5.2 million as at nine months ended 30 September 2010 with the completion of on hand contracts in July 2011.
Other revenue for the 9M11 was $6.2 million generated from the operation of workers dormitory which commenced from December 2010, it has contributed 4.6% towards the total group revenue as at nine months ended 30 September 2011.
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