Chip Eng Seng’s 3Q earnings fall 58% to $5.7 mil on lower revenue

SINGAPORE (Nov 8): Chip Eng Seng has posted a 57.9% decline in earnings to $5.7 million in 3Q as compared to $13.6 million a year ago.  

The property, construction and hospitality group posted a total revenue of $151.8 million for the quarter, 4.2% lower than $158.4 million the year before, dragged down mainly by a 13.7% decline in revenue from property developments to $67.9 million.

This was mainly due to lower revenue contributions from Junction Nine and Nine Residences, which was completed in December 2015.

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