Soilbuild’s earnings falls 26% in 3Q

SINGAPORE (Nov 8): Soilbuild Construction Group’s earnings fell 25.8% to $2.2 million for 3QFY16, compared with the earnings of $3 million in 3QFY15.

Revenue rose 31% to $102.4 million with contributions from the Jalan Lam Huat industrial project, the Yishun HDB project, the Sembawang HDB project, the Ang Mo Kio HDB project, the Goodwood Grand residential projectat Balmoral Road, and the hospice project at Thomson Road.

However, gross profit margins fell by 3.2 percentage points to 4.8%, as there was a higher proportion of revenue recognised from HDB projects which command lower margins, and an increase in construction costs.

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