Boustead Projects net profit dipped 19% to $4.8m in Q1

Due to higher finance expenses.

Boustead Projects reported that its net profit dipped 19% year-on-year to $4.8m in the first quarter, dragged by higher finance expenses.

After adjusting for other unrealised currency losses, net profit for 1Q FY2016 would be 7% lower than in the first quarter. Design-and-build gross profit declined as expected in line with the challenging and competitive industrial real estate market in Singapore, which placed additional pressure on margins.

However, the decrease in design-and-build gross profit was mostly cushioned by the improvement in leasing gross profit.

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