SINGAPORE (Feb 14): Property developer Bukit Sembawang Estates posted $54 million in earnings for the 3Q ended Dec 2018, up more than threefold from its restated 3Q18 earnings of $15.8 million due to a sevenfold y-o-y surge in revenue.
Revenue for the quarter grew 598% to $122.3 million compared to $17.5 million a year ago, mainly due to higher sales recognition from more development projects, namely 8 St Thomas, Nim Collection phases 1 and 2, and Watercove.
In line with the higher revenue, cost of sales grew to $64.4 million from $2.9 million in 3Q18.
Other operating expenses of $2.6 million were registered compared to other operating income of $1.8 million a year ago, due to higher maintenance charges and property tax on unsold units of 8 St Thomas.
As such, net profit after tax grew 272% to $44.6 million from $12 million in the previous year.
Cash and cash equivalents stood at $75.3 million as at end-Dec 2018, down from $227 million a year ago due to the purchase of Makeway View, as well as payments made for the construction of development properties and higher contract assets.
Going forward, Bukit Sembawang says it is expecting the completion of Nim Collection phases 1 and 2 by 3Q19. It also intends to launch a series of landed properties via Luxus Hills phases 8-9 this year.
Shares in the group closed 3 cents higher at $5.63 on Thursday.
