China State Construction net drops to 1.7b yuan

China State Construction International (3311) said  net profit for the first quarter this year slumped by 20.6 percent from a year ago to 1.72 billion yuan (HK$1.88 billion).

Revenue and share of revenue of joint ventures fell by 13.9 percent and 48.2 percent from year-on-year to 9.95 billion yuan and 246 million yuan, respectively.

The company recorded an accumulated new contract value of 14.14 billion yuan as of the end of March and a backlog of 227.92 billion yuan.

During the first quarter, the company has been awarded the Studio City phase two project in Macau, valued at HK$6.48 billion, as well as the seawater desalination plant in Tseung Kwan O worth HK$2.75 billion, it said.