Soilbuild's net profit dips 24.8% to $3m in Q3
Low-margin projects are the culprit.
Soilbuild Construction booked a net profit of $3m in the third quarter, despite a 2.7% jump in revenue to $78.2m.
The discrepancy was due to higher revenue recognition from projects with low profit margins.
These projects include a multiple-user general industrial development at 60 Jalan Lam Huat, an industrial development at Tuas Crescent, a public housing development at Ang Mo Kio, and an HDB project in Yishun.