Boustead Singapore, the infrastructure-related engineering services and geo-spatial technology group, said earnings for the second quarter ended 30 September 2012 (2Q FY2013) surged 68% to $15.28 million from a year ago (2Q FY2012), thanks to a one-off $4.8m writeback of tax provisions.
For 2Q FY2013, Boustead achieved revenue of $112.2 million, 23% higher than in 2Q FY2012.
The Real Estate Solutions Division achieved revenue of $51.2 million, up 126%, contributing entirely to the group’s revenue growth in 2Q FY2013. Scheduled progress was attained across the division’s sizeable order book backlog of design-and-build projects.
The Energy-Related Engineering Division saw a revenue decline of 14% to $30.2 million, which resulted from design delays at a few major projects. The division expects to make up lost ground on these major projects in subsequent quarters.
At the Water & Wastewater Engineering Division, revenue was $4.8 million, down 27%. The slowdown was caused by the division’s lower order book backlog and execution of fewer projects as compared to the previous year’s corresponding quarter.
Revenue from the Geo-Spatial Technology Division declined marginally by 2% to $26 million resulting mainly from a weaker Australian Dollar compared to 2Q FY2012.
Boustead has declared an interim cash dividend of 2 cents per ordinary share in 2Q FY2013, matching the interim dividend of 2 cents per ordinary share declared and paid for 2Q FY2012.
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