Soilbuild Construction swings to 3Q19 net loss

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Soilbuild Construction reported Thursday it swung to a third quarter net loss of S$4.42 million, from a year-ago net profit of S$113,000 on additional construction costs for some completed projects, depreciation charges and factory cost.

Revenue for the quarter ended 30 September was S$61.23 million, up 31.7 percent on-year due to the progress of on-going projects, the construction company said in a filing to SGX.

Cost of sales jumped 41.4 percent on-year to S$63.03 million in the quarter, the filing said.

Administrative expenses increased 62.4 percent on-year to S$2.12 million, mainly on property taxes on the group’s buildings, staff remuneration and professional fees, the filing said.

Depreciation of property, plant and equipment increased to S$1.74 million in the quarter, from S$754,000 in the year-ago period, the filing said.

For the nine-month period, Soilbuild Construction reported a net loss of S$6.25 million, swinging from a year-ago profit of S$844,000, on revenue of S$171.10 million, up 31.2 percent on-year.

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