Bukit Sembawang posts Q3 net profit of S$44.6m on higher profit recognition, sales

HIGHER sales and higher profit recognition on more development projects lifted property developer Bukit Sembawang Estates' financials for the third quarter ended Dec 31.

Net profit leapt to S$44.6 million from a restated S$12 million in the year-ago period, as revenue jumped to S$122.3 million from a restated S$17.5 million in Q3 a year ago.

Profits for the third quarter this financial year were recognised for 8 St Thomas, Nim Collection Phase 1 and 2, and Watercove. In the same quarter a year ago, it recognised profits for Skyline Residences and Watercove.

Earnings per share shot up to 17.24 Singapore cents from 4.63 cents in the year-ago period.

The group expects to complete Nim Collection Phase 1 and 2 by 3Q 2019. It will also launch Luxus Hills Phases 8-9 landed properties this year.

Bukit Sembawang shares ended S$0.03 or 0.5 per cent higher at S$5.63 on Thursday.