Written by The Edge
Hock Lian Seng Holdings, the civil engineer and a building materials supplier, says it posted a 61.9% y-o-y increase in net profit attributable to shareholders to $15.2 million in 1H2010 from $9.4 million in 1H2009.
Revenue for the group increased 8.9% to $118.8 million in 1H primarily due to the progressive recognition of revenue from the Marina Coastal Expressway and Jalan Gali Batu Depot projects in the Civil Engineering segment.
Together with better gross margins from new projects and additional works done, gross profit grew 30.8% y-o-y to $15.6 million.
Hock Lian Seng says the group also disposed $8.1 million worth of investment securities in quoted shares during the period. This resulted in a one-off gain of $4.0 million which in turn helped to lift the net profit.
Dividend : None
