Property developer Bukit Sembawang Estates has reported 1HFY2020/2021 earnings of $73.7 million, up 11% from the $66.6 million posted a year ago.
This translates to earnings per share (EPS) of 28.45 cents for the half-year ended Sept 30, compared to the 25.73 EPS posted in 1HFY2019/2020.
Revenue for the 1HFY2020/2021 climbed 2% y-o-y to $223.3 million.
During the half-year period, profits were recognised for 8 St Thomas, Luxus Hills (Signature Collection) and Luxus Hills (Contemporary Collection), Nim Collection Phases 1 and 2, and Fraser Residence Orchard, Singapore.
Cost of sales was up 6% y-o-y to $124.9 million.
As a result, gross profit dipped 2% y-o-y to $98.4 million, mainly due to the lower profit recognised on development projects.
Other income came in at $881,000 from the $6,000 a year ago, which is mainly attributable to the government grants from relief measures received due to the Covid-19 pandemic.
Net asset value (NAV) per share for the group stood at $5.29 for the half-year period.
Net cash inflow for 1HFY2020/2021 stood at $174.7 million. The net cash generated from operating activities of $206.4 million was mainly due to working capital movements.
As at Sept 30, cash and cash equivalents stood at $474.6 million.
Looking ahead, the group says it will continue to plan for the construction and sales launch of The Atelier and LIV@MB.
Shares in Bukit Sembawang Estate closed 5 cents higher or 1.4% up at $3.66 on Nov 10.
