Revenue contributed by newly secured projects in Singapore, namely Bedok Food City Project, 164 and 171 Kallang Way Projects in 4Q17 were not significant as they are still at their initial construction phase.
The group’s revenue from construction projects in Myanmar increased by 62.9% and 86% respectively in 4Q17 and FY17 when compared to the same period last year.
As at dec 31, Soilbuild's order book totalled $451.9 million, of which $276.0 million comprise order book from local construction projects, while $175.9 million comprise order book from Myanmar construction projects.
Executive Director Ho Toon Bah says, "The continued decline in the local construction sector has put further pressure on the highly competitive tenders for new projects, meanwhile, our Myanmar business has continued to show good momentum. The Group will focus on productivity to enhance its competitiveness and will participate in more tenders in Myanmar going forward."
Shares in Soilbuild closed at 17 cents on Monday.
