SINGAPORE (EDGEPROP) - Boustead Projects AVM 0.00% has reported earnings of $10.7 million for its 2HFY2023 ended March, up 97% y-o-y on higher gross profit and other income, as well as a one-off gain on the disposal of a subsidiary and lower overhead expenses.

Revenue for the period was 4% higher y-o-y at $166.2 million due to higher revenue contributions from its engineering and construction (E&C) business, partially offset by lower revenue contributions from its real estate business.

For the full year, the company recorded earnings of $18.35 million, up 62% y-o-y. Overall revenue, however, was down 16% y-o-y to $284 million on lower revenue contributions from the E&C business in 1HFY2023 as well as lower contributions from the real estate business.

Boustead Project’s current order backlog stands at $402 million. This is supported by the securing of new contracts valued at $401 million in FY2023 — dominated by a record $300 million design-and-build contract for an integrated manufacturing, logistics and office facility in Singapore.

Given the uncertain and volatile times ahead, Boustead Projects recognises the importance of continuing to leverage the combined strengths and synergies of the Boustead Singapore Group F9D 1.26% , says executive deputy chairman Wong Yu Wei.

“Following a voluntary unconditional offer in which Boustead Singapore and concert parties further consolidated their effective interest from 73.98% at the end of FY2022 to 95.5% by the end of FY2023, our board understands that Boustead Singapore continues to explore various options to eventually delist and privatise Boustead Projects, according to their stated intentions.

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“Notwithstanding this, Boustead Projects’ management will continue to focus on executing the company’s business strategies as previously articulated,” he adds.

Boustead Projects is proposing a final dividend of 0.7 cents per share and special dividend of 0.7 cents per share.

Shares in Boustead Projects were suspended since March 28 at the close of Boustead Singapore’s offer.

Shares in Boustead Singapore closed at an unchanged 79.5 cents on May 25.

This article first appeared on The Edge Singapore.