This brings 9MFY2023 earnings to $48.8 million versus $60.2 million recorded for 9MFY2022.
As of June 30, the company has built up an order book of $1.34 billion, to be delivered for use in construction projects over the coming five years.
In his earnings commentary, CEO Seah Kiin Peng notes that construction activity has recovered following the slump during the pandemic.
Specifically, contracts awarded in the civil engineering and residential segments have largely returned to pre-Covid levels, led by a ramp up in public housing projects.
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
Seah notes that the strong local demand bodes well for demand for what BRC Asia sells.
However, he warns that "recent business failures of some main contractors" is a "stark reminder" that there are still uncompleted, loss-making projects from the pre-pandemic days and that "they continue to test the financial resilience and mettle of their builders severely."
"In this regard, BRC Asia will continue to exercise robust due diligence to minimise our exposure," adds Seah.
See also: Fortress Minerals earnings for 1QFY2026 up 7.2% y-o-y to US$2.48 mil
BRC Asia shares closed Aug 4 at $1.67, up 0.6% for the day but down 7.22% year to date. At this level, BRC Asia trades at around 6x earnings and gives a yield of 6.59%.
