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Continental Holdings Corporation (TWSE: 3703) Reported a New Record Revenue Backlog for Construction Engineering Business in Q1 2024

Continental Holdings Corporation (CHC) today (May 10th) reported financial results for the first quarter of 2024. The Company posted consolidated revenue of NT$6,161M, operating profit of NT$62M, and net profit of NT$97M. EPS for this quarter was NT$0.12.

CHC’s consolidated revenue for the first quarter of 2024 decreased by 7.6% compared to the same period last year, primarily due to a decreased revenue from handover of new residential projects from Real Estate Development Business (Continental Development Corporation), partially offset by a 54.3% revenue growth from Environmental Project Development and Water Treatment Business (HDEC Corporation). The gross margin decreased by 3.6 percentage points compared to the same period last year, mainly due to the impairment loss on overseas completed housing units of Real Estate Development Business. With a decrease in revenue and gross margin compared to the preceding year, CHC reported a year-over-year decrease in operating profit and net profit for the first quarter of 2024.

All three business segments of CHC maintained a solid volume of revenue backlog, with the revenue backlog of Construction Engineering Business hitting record high again in the first quarter. As of March 31st, 2024, the revenue backlog for Construction Engineering Business came to NT$101.2B, translating to 4.9 times of its revenue for fiscal 2023. Revenue backlog of Real Estate Development Business summed up to NT$13.2B, equivalent to 1.8 times of its revenue for fiscal 2023. The revenue backlog of Environmental Project Development & Water Treatment Business totaled NT$68.5B and was approximately 14.3 times of its revenue for fiscal 2023.