For the nine months ended Dec, Boustead Projects registered revenue of $189.8 million, 3% lower mainly due to lower revenue contribution from the design-and-build business.
However, total profit of $22 million was 26% higher year-on-year due to lower administrative, finance and income tax expenses, combined with higher gross profit mainly due to the writeback of provisions no longer required following the completion of certain projects.
Boustead Projects says it will continue to prudently deploy its cash resources in pursuit of investment and growth opportunities across its various geographic markets.
Shares of Boustead Projects closed 1 cent lower at 74 cents.
