Hock Lian Seng Holdings, the BCA Grade A1 civil engineering infrastructure builder and a building materials supplier, says FY2010 net profit increased 27% y-o-y to $27 million on the back on a 1.9% y-o-y increase in its revenue to $229.1 million.
Hock Lian Seng says revenue growth was mainly led by higher progress claims recognised from Marina Coastal Expressway and Jalan Gali Batu Depot Projects. Gross profit margin was also higher at 13.1%, lifting gross profit to $30.1 million. A gain of $4.0 million from sales of investment securities also contributed to the higher net profit.
Revenue from Civil Engineering segment in FY2010 improved 5% to $221.5 million and contributed 96.7% of group revenue. Revenue from Building Material segment decreased 50.7% to $6.9 million as much lower volume was delivered compared to last financial year. |
