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$36.7 million, while our cash and cash equivalents decreased
5.2% to $156.9 million and shareholders’ equity gained 7.9%
to $221.6 million.
DIVIDENDS
In spite of the challenging market in FY2015, we stay
committed to sharing our earnings with our shareholders
to show our appreciation for their support. The Directors
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per ordinary share. The proposed dividend distribution to
be approved by the shareholders at the forthcoming Annual
General Meeting on 26 April 2016 translates to 35% of the
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BUSINESS UPDATE
During the reporting financial year, the Civil Engineering
segment competently managed our two major projects,
namely the Changi Airport project and Maxwell MRT
Station project. These projects successfully showcased
the Group’s competence in handling large scale and
complex schemes. With the MRT and various infrastructure
projects in the pipeline, we will continue to ride on our core
competency and work with strategic partners to selectively
bid for infrastructure projects in Singapore. In FY2015, we
substantially completed the joint venture project, Jalan
Gali Batu Depot, which we secured in March 2009. A new
contract valued at about $137.4 million was awarded by the
Land Transport Authority to Hock Lian Seng Infrastructure
in January 2015 for the Design and Construction of the
Rail Stabling Yard nearby. Our other joint venture project,
The Skywoods, experienced improved sales during the
year, and was about 97% completed and 85% sold as at
31 December 2015.
The Group was also conferred recognition under the “Best
Under a Billion” listing in June 2015 by Forbes Asia. The
Group was one of the six Singapore public companies out of
an initial list of 17,000 others. The list honours leading public
Asian companies with revenues between US$ 5 million and
US$ 1 billion.
Moving ahead, the property development sector of
Singapore looks set to remain sluggish amidst rising interest
rates and uncertainties in the global economy. In this aspect,
the Group will continue to source for new projects prudently
and to explore other opportunities.
On the other hand, the local construction demand for public
sector remain strong. Singapore has several large public
transport infrastructure projects in the pipeline, including
the Thomson-East Coast MRT Line and the construction of
the North-South Expressway, the development of Terminal 5
at Changi Airport.
In view of these opportunities, the Group will strive to acquire
projects that are in line with our growth strategy. We will
continue to leverage on our core competencies and track
records, and endeavour to further expand our capabilities,
to grow our order book and boost our earnings.
ACKNOWLEDGEMENT
On behalf of the Board of Directors, we would like to
express our appreciation to Mr. Chua Hua Hong, who has
stepped down as Executive Director on 15 December 2015,
for his guidance and contribution to the Group during his
tenure with the Company. At the same time, we would like
to welcome Ms. Chua Siok Peng in assuming the Executive
Director role on the same date. we look forward to working
together with Ms. Chua in steering the Group towards
greater heights.
Separately, we would like to thank our directors, management
and staff for their hard work and dedication towards the
Group. Last but not least, we would like to extend our
gratitude to our customers, business partners and valued
shareholders for their unwavering support and faith over
the years.
ONG SEH HONG
Independent Non-executive Chairman
CHUA LEONG HAI
Executive Director and CEO
ANNUAL REPORT 2015
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