Saturday, August 18, 2012

Chip Eng Seng wins $137.3m HDB contract

Business Times: Sat, Aug 18

CHIP Eng Seng Corporation has bagged a $137.3 million contract from the Housing and Development Board. The contract, which comprises the construction of seven residential blocks with 862 units and other community facilities at Bukit Panjang Neighbourhood 4 Contract 15, was awarded to the company's wholly owned subsidiary Chip Eng Seng Contractors (1988) Pte Ltd, the company said yesterday. The construction period is about 33 months.

The contract is not expected to have any material impact on the net tangible assets and earnings per share of the group for the current financial year ending December 2012.

Chip Eng Seng Corporation reported a 58.1 per cent drop in net profit to $7.4 million and a 4 per cent decline in group revenue to $82.6 million for the three months ended June 30. The decrease in profitability was attributed mainly to the decrease in profit contribution from development projects and lower margins for new and ongoing construction projects. The counter ended trading yesterday unchanged at 41.5 cents.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

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