SINGAPORE (May 26): Developer Bukit Sembawang Estates reported a 21.2% fall in FY17 earnings to $72.5 million from a year ago.
Revenue decreased by 49.2% to $143.4 million due to recognition of profits from fewer projects including Luxus Hills Phase 6 and 7 and Skyline Residences compared to a year ago when there was additional revenue recognition from the penthouse at Paterson Suites and The Vermont on Cairnhill. In line with lower revenue, costs of sales also fell 68.4% to $53.8 million.
Gross profit decreased by 20% to $89.6 million while other operating expenses widened 81.4% to $11.3 million.
For the 4Q, earnings fell 50.4% to $3 million although revenue rose 24.3% to $15.2 million.
Looking ahead, Bukit Sembawang says the residential property market conditions continue to remain challenging in the current year with the property measures still in place and slowing economic growth.
The group has proposed final and special dividends of 4 cents and 29 cents respectively.
Shares of Bukit Sembawang closed 1 cent lower at $6.09.
