{
  "id": 19331385,
  "title": "Boustead H1 profit down 10% at S$31.5 million despite revenue increase",
  "url": "https://urgent.news/2026/11/10/boustead-h1-profit-down-10-at-s-31-5-million-despite-revenue-increase",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-10T12:09:49.000Z",
  "source": {
    "name": "The Business Times - Singapore",
    "slug": "the-business-times-singapore",
    "url": "https://www.businesstimes.com.sg/companies-markets/boustead-h1-profit-down-10-s31-5-million-despite-revenue-increase"
  },
  "original_language": "en",
  "account": "Boustead Singapore, an engineering and technology group, reported a 10% drop in its net profit to S$31.5 million for the first half of the year, despite a 38% rise in revenue to S$406.6 million. The group's chairman and CEO Wong Fong Fui attributed the decline in earnings to a lower gross profit margin and a higher effective income tax rate. Additionally, the reversal of share of net asset value due to dilution of Boustead Projects' shareholdings in UIB Holdings' associate Boustead Projects resulted in a S$8.4 million loss. Earnings per share for H1 amounted to S$0.062, lower than S$0.071 in the previous period. Wong stated that the group had to navigate an uneven and complex global operating environment. The company's engineering order backlog stands at S$720 million, with S$107 million from the energy engineering division and S$613 million from the real estate solutions division. Boustead Projects aims to derive 25 to 33% of its engineering and construction revenue from overseas markets within five years, expanding in Malaysia and Vietnam. The board declared an interim cash dividend of S$0.02 per share.",
  "summary": "Company attributes drop in earnings to lower gross profit margin and higher effective income tax rate",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}