In its business update, BRC Asia has reported profit after tax (PAT) of $13.3 million in the 1QFY2022 ended December.
During the quarter, the steel supplier recorded revenue of $357.4 million.
Gross profit for the 1QFY2022 stood at $26.3 million.
Cash and cash equivalents as at end-December stood at $101.8 million.
As at end-December, the company’s order book stood at around $1.3 billion, with the duration of projects ranging up to five years.
In a statement released on Feb 9, BRC Asia highlighted that there would be more supply for both private and public housing as part of the government’s new property cooling measures announced in December 2021.
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In the same month, the Ministry of National Development (MND) had upped the number of private housing on the Confirmed List in its government land sales (GLS) programme for the 1H2022 to 2,785 units from the 2,000 units in the half-year period before.
The ministry said it was prepared to step up on supply should demand remain strong.
Separately, the Housing & Development Board (HDB) announced that it planned to launch up to 23,000 flats per year in 2022 and 2023, a significant increase from the last three years, where a combined 48,509 flats were launched.
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The announcements “bodes well for reinforcing steel and BRC moving forward, which are an integral part of the local construction supply chain”, says the company.
Shares in BRC closed 2 cents higher or 1.24% up at $1.64 on Feb 9.
Photo: Albert Chua/The Edge Singapore
