Written by The Edge
CSC Holdings, the homegrown foundation and geotechnical engineering specialist, says it posted a 4.5% fall in revenue to $77.7 million for the three months ended 30 June 2010 (1Q11), compared to $81.4 million for the three months ended 30 June 2009 (1Q10).
Net profit fell 37.9% to $4.1 million from $6.7 million.
As at 30 June 2010, total shareholder’s equity stood at $194.1 million, a 2.3% increase over $189.8 million as at 31 March 2010. Net asset value per share was 15.9 cents at end-June, up from 15.5 cents three months earlier.
As at 30 June 2010, CSC Holdings has a cash balance of some $28.3 million.The group says it recently secured several projects worth over $50 million in Singapore and abroad. Amongst these was a piling contract for the former Farrer Court condominium site, being redeveloped by a CapitaLand-led consortium following its en-bloc acquisition in 2007, as well as a driven pile foundation contract for Lanxess’s synthetic rubber plant on Jurong Island.
Beyond Singapore, the contracts secured include foundation works for a solar wafer manufacturing plant in Kuching, Sarawak, and other foundation contracts for commercial developments in Kuala Lumpur and Petaling Jaya.
With these new foundation contracts secured, the group’s order book stood at $180 million as at 3 August 2010 (3 May 2010: $170 million).
Dividend : None
