For the full year, the group's net profit dropped 13 per cent to S$15.4 million from S$17.8 million a year ago, despite a more than doubling of revenue to S$171.4 million from S$72.7 million the year before.
This came as cost of sales increased by S$95.4 million to US$138.3 million from S$42.9 million the previous year. The company said the increase was mainly due to higher sales of development properties, with Kismis Residences & Tranquilia @ Kismis being fullysold during the year. There was also a higher write back of construction project cost accrual upon the finalisation of accounts in the previous year, it added.
Full-year EPS stood at 2.09 Singapore cents from 2.40 cents the year before. The group’s net asset value per share came to 89 Singapore cents, down one cent from 90 cents the year before. In terms of outlook, the group said the residential property market has been more subdued since the recent tightening of property cooling measures. It added it would continue to be selective in land bidding and investment projects and strive to maintain rental rates for renewals.
Source: News Formal (newsformal.com)
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