CSC Holdings

CSC Holdings: Group refers to recent rpts on Poh Lian Construction (see below), in which CSC's wholly-owned subsidiary CS Bored Pile System Pte Ltd, was awarded piling and soil improvement contracts by Poh Lian- the main contractor for the H2O Residence project in Sengkang West. To date, progress claims amounts to approx. $3.5m were outstanding. For reference, CSC reported 3QFY13 revenues of $130.5m, and profits after tax of $684,000. On 13 Mar, Poh Lian Construction, has applied for Judicial Management (JM). The unit was responsible for Material Losses at UniFiber in its FY12 results (pretax loss of US$76m), and has been experiencing significant financial and operational difficulties due to challenging conditions in the local construction industry. The JM hearing has been fixed for 5 Apr 2013.