Sam Woo sees interim profits rise 4 pct

The recently Hong Kong-listed constructor Sam Woo Construction Group Ltd, which is engaged in piling works for three projects here, saw its interim profit rise by a year-on-year 4 per cent, the company noted in its latest filing.
For the six months ended September 30, Sam Woo’s revenue from foundation works and ancillary services reached HK$255.8 million (US$33 million) and HK$262.1 million in Hong Kong and Macau, respectively. The total interim revenue at HK$517.9 million represented a year-on-year rise of nearly 30 per cent.
The interim profit of the constructor, which listed in Hong Kong mid-October, was HK$115.9 million, a rise of 4 per cent when compared to the same period last year.
Sam Woo said in its prospectus that it was engaged in the piling works of a hotel casino complex and a hotel tower in Cotai; the company also noted that it was engaged in the piling works of a ‘composite development project’ in the reclaimed Areia Preta in the northern district of the Macau Peninsula.
The works for the ‘composite development project’ – which Sam Woo did not elaborate upon – is only expected to carry on into the next financial year as the company obtained the construction permit in August and granted the quota for importing labour in November.
Total bank borrowings of Sam Woo at the end of the interim period stood at HK$426.1 million, nearly HK$90 million more than when compared to March; the company attributed this to the acquisition of machinery and equipment.