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Boustead Projects bags 3 contracts worth $56 mil

By Stanislaus Jude Chan

/ The Edge Singapore |

October 10, 2017 8:20 PM SGT

SINGAPORE (Oct 9): Boustead Projects announced Monday that wholly-owned subsidiary Boustead Projects E&C has secured three contracts worth a total of $56 million.

First, it clinched a $27 million contract for the design-and-build of an industrial waste management complex — Boustead Projects’ third project in the industry.

The group also announced two projects from repeat end-user clients involving additions and alterations and fitouts. These contracts are worth a total of $29 million.

Including the latest contract wins, Boustead Projects’ order book backlog to $217 million. This comprises unrecognised project revenue as at end-June, as well as total value of new orders secured since then.

“We are heartened with the positive results that we have achieved from our business development efforts so far and will continue to strengthen efforts to convert our pipeline of opportunities into projects,” says Boustead Projects’ managing director Thomas Chu.

The new contracts are individually not expected to have a material impact on Boustead Projects’ profitability, earnings per share (EPS) and net tangible asset value per share in the current financial year ending Mar 31, 2018.

This article, written by Stanislaus Jude Chan, first appeared in The Edge Singapore.

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