SINGAPORE (Nov 29): Goodland Group has swung back into the black in FY17, posting earnings of $17.7 million compared to a loss of $3.9 million in FY16.
This came on the back of an increase in revenue of 34% to $69.8 million from $52.3 million a year ago, mainly due to progressive revenue recognition from the mixed development projects, The Citron and Citron Residences.
Cost of sales rose 31% to $60.4 million compared to $46.2 million last year.
Hence, gross profit for the end of 2017 financial year came in at $9.46 million, 57% higher than $6.04 million recorded in FY16.
Other operating income increased by 81% to $1.14 million from $0.63 million in the previous year, mainly due to fair value gain on investment properties, receipt of government grants and gain on disposal of property, plant and equipment in FY17.
Other operating expenses dropped 99% to $33,000 from $2.90 million last year.
In its outlook, Goodland believes that the Singapore property market will remain challenging in the next 12 months.
Hence, the group will remain committed to the Singapore market and continue to refine its investment strategy, including replenishing its land bank, while actively exploring opportunities overseas to enhance shareholders’ value.
The group has proposed a final exempt (1-tier) cash dividend for FY17 of 0.3 cent.
Shares in Goodland closed 1 cent higher at 28 cents on Wednesday.
