CSC Holdings, the homegrown foundation and geotechnical engineering specialist, says it posted lower net profit and earnings per share of $3.9 million and 0.28 cents respectively for for the three months ended 31 December 2010 (3Q11), compared to $5.0 million and 0.36 cents in 3Q10.

Third quarter revenue also increased 30.3% year-on-year to $94.2 million from $72.3 million in 3Q10 driven by improving demand for the group’s foundation engineering services.

The group secured $134 million worth of contracts in 3Q11, adding to its portfolio, some significant projects such as the bored piling works for the Singapore Sports Hub and ground improvement works for the Geylang River. In Malaysia, foundation contracts secured were for a high-end service residence in Ampang, Kuala Lumpur and another condominium in Kota Damansara, Selangor.

But rising cost of ready-mixed concrete, a key raw material for CSC’s business, resulted in some margin erosion with 3Q11 gross profit rising 15.9% to $12.4 million, from $10.7 million in 3Q10.

As of 24 January 2011, the group’s order book of projects stood at $230 million (1 November 2010: $210 million), with most of it to be completed within the next six months.



However, CSC how, work for certain projects secured in 3Q11 did not commence as scheduled due to reasons beyond the Group’s control. Therefore, the expected contribution from these projects may be deferred to the first half of the next financial year. Consequently, the Group’s performance for 2H11 may not exceed that of 1H11.

 

CSC Holdings Limited

said that its subsidiary, CS Construction & Geotechnic Pte Ltd (CSCG) and The Pathumthani Concrete Co, Ltd. (PACO) have entered into a 49:51 joint venture agreement to provide Jack-In Pile (JIP) services in Thailand. PACO is one of the largest spun pile manufacturers and suppliers in Thailand . CSC said the JIP method of pile installation has 'good potential'. It is suitable for a variety of soil conditions in Thailand and is an environmentally friendly method of pile installation as it is free of vibration, noise and pollution.

 

 

and is the second ITE project to be awarded to CSC. The Group had previously installed the

foundations of ITE College West, which commenced operations in July 2010.– Mainboard-listed foundation and geotechnicalCSC Holdings Limited has in the past threeITE piling contract of $15.4 million among $50 million worth of jobs secured