Sam Woo Construction’s local revenue dips 11.2 per cent

The revenue of contractor Sam Woo Constructions in Macau dropped to HK$404.3 million in the fiscal year ended March 2015 from HK$455.4 million in the previous year, the company announced in a filing with the Hong Kong Stock Exchange.
In terms of profits the company announced an increase of 73 per cent year-on-year to HK$219.2 million from HK$127.1 million. This result was achieved due to its Hong Kong operations. If on the one side revenue in Macau dipped 11.2 per cent year-on-year, on the other revenue in Hong Kong increased almost 12-fold to HK$446.4 million from HK$37.4 million.
Overall, the company achieved HK$851.3 million revenue from HK$492.7 million, an increase of 73 per cent.
In spite of the slowdown in the Macau market the company, whose core business involves foundation works and ancillary services, is still very optimistic about the future because of the Hong Kong market and the housing policy of the region.
‘With the affirmative housing policy and supply targets announced by the HKSAR Government to curb the over-heated residential market due to accumulated property supply shortages, prospects for the construction market are widely considered to be good based on the increasing number of new construction projects’, the board explained to shareholders.
During the fiscal year ended March 2015 Sam Woo finalised the piling works of a hotel casino complex and a hotel tower in Cotai, which were not specified. Concerning major projects in Macau, the Hong Kong-based contractor is also engaged in the piling works of a ‘composite development project’ in the reclaimed Areia Preta area in the northern district of the Macau Peninsula, which is expected to be completed by next year.