Boustead Projects' income jumps 25% to $6.1m in Q1

Boosted by contribution from its leasing business.

Boustead Projects' (BP Group) total profit soared 25% to $6.1m in the first quarter of FY17.

According to the company's media release, the steep spike is thanks to raised gross profit from its leasing business.

BP Group also reported cash and cash equivalents of $100.4m, and total equity of $199.6m. Net value per share climbed 62.4 cents at the end of Q1, from 60.6 cents at end-FY16.

"Although the industrial real estate industry in Singapore remains challenging, the BP Group’s current order book backlog stands at approximately S$182 million, with two design-and-build contracts secured from a repeat client since the start of FY2017," stated the release.

Meanwhile, the BP Group's revenue for Q1 leaped 8% YoY to $60.9m thanks to improved revenue contributions from both its design-and-build and leasing businesses.