BRC Asia Q2 profit soars to S$5.4m on acquisition of peer; adopts new dividend policy

STEEL-BAR seller BRC Asia's second-quarter net profit soared to S$5.4 million, eight times its S$661,000 profit for the year-ago period, which excluded a S$313,000 gain after tax from discontinued operations.

The group also adopted new dividend policies that will see it paying out a target annual dividend of not less than 30 per cent of net profit for fiscal 2019 and 2020. The group noted that construction demand had bottomed out in 2017 and continues to show growth, with construction output having registered its first expansion in the fourth quarter of 2018 after nine consecutive quarters of contraction.

Growth in construction demand will be anchored by mega projects in the transport sector for the foreseeable future, the group said.

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