Soilbuild Construction swings to 2Q19 net loss on depreciation charges

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Soilbuild Construction reported Wednesday it swung to a second quarter net loss of S$938,000 from a year-ago net profit of S$525,000 on higher non-cash depreciation charges and higher interest expenses.

Revenue for the quarter ended 30 June jumped 40.5 percent on-year to S$63.11 million on increased construction activities at its current projects, the company said in a filing to SGX.

“During the period under review, the tender environment in the local construction market remained competitive and challenging,” Lim Chap Huat, executive chairman of Soilbuild Construction, said in the statement.

“We expect to ramp up the production, both in the group’s ICPH and the plant in Malaysia, in the second half of 2019 for the secured orders,” he added. ”We are pleased to note that more enquiries and invitations for quotation for the supply and delivery of precast products have been received from potential customers.”

Soilbuild Construction said its order book was at S$396.2 million as of end-June, including S$379.2 million for construction projects and S$17 million for precast supply and delivery contracts.

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