By Valerie Kor / EdgeProp Singapore | February 28, 2020 4:10 PM SGT
The Antares at Macpherson is one of TA Corporation’s ongoing developments, under a joint venture with Keong Hong Holdings and Hock Lian Seng Holdings. (Artist Impression: FSKH Development)
SINGAPORE (EDGEPROP) – Property and construction group TA Corporation reported a 47% increase in revenue to $198.2 million for FY2019 ended Dec 31, 2019, amid macroeconomic challenges and uncertainties in the global trade environment. Costs attributable to owners of the company fell to $11.1 million in FY2019 from $14.9 in FY2018. This resulted in FY2019 earnings of $0.2 million in profit. In 4QFY2019, group revenue rose to $62.2 million, a 119.2% increase y-o-y. This resulted in a 56.3% increase in gross profit for 4Q2019, led by contributions from the construction and real estate investment business segments.
Neo Tiam Boon, the CEO and executive director of TA Corporation, says: “We achieved higher overall revenue for FY2019 and maintained a resilient construction order book of $461 million as at Dec 31, 2019. This will provide us with a steady pipeline of projects which will underpin our performance over the next few years.” “Overall, our revenue for the construction segment has achieved a significant 71.9% increase in FY2019 compared to FY2018. This is a testament to our over 40 years of tested reliability and track record as a contractor of choice for both public and private sector projects,” he adds.
Original Article: https://www.edgeprop.sg/property-news/ta-corp-revenue-47-fy2019
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