Bukit Sembawang Estates B61 has posted earnings of $25.2 million for its 1HFY2024 ended September, doubling its earnings of $12.6 million recorded in the previous corresponding period.
Revenue for the first half of FY2024 similarly increased by 119% y-o-y to to $264.3 million, while cost of sales increased by 132% to $232.5 million.
Gross profit for the period increased by 57% y-o-y to $31.8 million mainly due to higher profit recognised on development projects. In 1HFY2024, profits were recognised for The Atelier, LIV@MB and Fraser Residence Orchard, Singapore.
Bukit Sembawang’s earnings per share for 1HFY2024 came in at 9.74 cents, compared to 4.86 cents in 1HFY2023.
As at Sept 30, Bukit Sembawang B61 ’s total assets decreased by 2.2% y-o-y to $1.54 billion mainly due to a decrease in deferred tax assets and development properties offset against the increase in contract costs, contract assets, trade and other receivables, and cash and cash equivalents
Meanwhile, the company’s liabilities decreased by 32.8% y-o-y to $69.6 million as at end-September.
See also: Trump wins Republican nomination, setting up rematch with Biden
Bukit Sembawang’s cash and cash equivalents stood at $356.6 million as at Sept 30.
Shares in Bukit Sembawang closed 7 cents lower or 1.91% down at $3.59 on Nov 8.
