Continental Holdings Corporation (CHC) today (May 5th) reported financial results for the first quarter of 2023. The Company posted consolidated revenue of NT$6,669M, operating profit of NT$401M, and net profit of NT$214M. The EPS for this quarter were NT$0.26.

CHC’s consolidated revenue in the first quarter of 2023 decreased by 33.5% compared to the same period last year, mainly due to a higher revenue base from the peak handover period of Bountiful Journey for Real Estate Development Business (Continental Development Corporation) last year. The gross margin was also lower than that of the same period last year, mainly due to a greater proportion of CHC’s consolidated revenue being derived from Real Estate Development Business in the same period last year. With a decrease in revenue and gross margin compared to the same period last year, CHC’s operating profit for first quarter 2023 decreased 71.4% year-over-year, while net profit decreased 82.7% year-over-year.

All three business segments of CHC maintained a healthy volume of backlog, and Construction Engineering Business (Continental Engineering Corporation) and Environmental Project Development & Water Treatment Business (HDEC Corporation) both reported record backlog in first quarter. As of March 31st, 2023, the backlog for Construction Engineering Business came to NT$78.9B, translating to 4.0 times of its revenue for fiscal 2022. Revenue backlog of Real Estate Development Business summed up to NT$13.2B, equivalent to 1.4 times of its revenue for fiscal 2022. Contracts on hand for Environmental Project Development & Water Treatment Business totaled NT$71.7B and was approximately 15.2 times of its revenue for fiscal 2022.