Soildbuild posts 42% rise in Q2 net to $5.9 mil

Soildbuild Construction Group said net profit for the second quarter ended June 30, 2013 rose 42% to $5.9 million, up from $4.2 million a year ago.

Revenue rose 70% to $67.9 million, up from $39.9 million.

The increase was mainly driven by higher contributions from third-party projects like Tampines HDB, Angullia Park and Changi Business Park Vista, as Soildbuild Construction Group moved towards tendering for external projects to reduce reliance on projects awarded from its parent, Soilbuild Group Holdings.

For the first six months of 2013, net profit grew 72% to $9.6 million on a revenue growth of 116% to about $136 million.