by Cheryl Tay
Low Keng Huat (Singapore) Limited saw its Q1 earnings fall by 39 percent to S$13.15 million, equal to 1.78 cents per share.
The decline was attributed to lower construction profit, which was fortunately offset by better profits from its hotel, development and investment segments.
Compared to a year ago, turnover slipped 17 percent to S$33.19 million. Revenue from its construction business saw a 34.8 percent slide to S$17.8 million but a 24.2 percent revenue gain from its hotel and F&B businesses managed to compensate for the loss.
Meanwhile, Boustead Projects Pte Ltd, a wholly-owned subsidiary of Boustead Singapore Ltd, has secured a S$14 million contract from RE&S Enterprises Pte Ltd.
The contract requires Boustead to design and build an integrated food processing and office facility with a gross floor area (GFA) of around 9,650 sq m, which will be spread across seven floors. The project is expected to be completed by Q2 next year.
Although the recent contract is not expected to have a material impact on Boustead group's current FY ending 31 March 2013, it has expanded the company's order book backlog to S$351 million.
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