Boustead Projects Q4 earnings slip 2% to S$5.7m on weaker margins

REAL estate player Boustead Projects saw earnings fall 2 per cent year-on-year to S$5.7 million for the fourth quarter ended March, amid weaker gross margins in its core design-and-build segment, coupled with depreciation costs for its Alice@Mediapolis project.

Specifically, one sizeable project under a deferred payment arrangement contributed significantly to the revenue increase, the company said on Thursday. Meanwhile, revenue from the real estate segment was flat at S$7.3 million. The company's rise in topline for its latest results was supported partly by a restatement of its 4QFY2018 revenue to S$46.2 million and a restatement of FY2018 revenue to S$169.6 million .

Boustead's order book remains resilient, with S$633 million worth of contracts secured in FY2019. The firm's order book backlog - comprising unrecognised project revenue as at end-March and new orders - stands at S$660 million. This includes contracts for the JTC Multi-Storey Recycling Facility and Surbana Jurong Campus.

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