SINGAPORE (Aug 10): Sing Holdings, the property developer and investment group, announced that its 2Q earnings increased 42.9% to $2.88 million from $2.02 million last year.
For the second quarter ended June, the group recorded a 74.4% drop in revenue to $5.7 million. This comprised recognition sales proceeds from completed properties and rental income from lease of an investment property, Travelodge Docklands.
Other income rose 64.1% to $1.4 million mainly from rental income from completed properties, fair value gain on quoted equity shares and foreign exchange gain from repayment and revaluation of foreign currency bank loans
Sales and marketing expenses fell 94.7% to $27,000 largely due to lower commission incurred for sales of completed properties. Other operating expenses dropped 86.7% to $36,000 due mainly to lower maintenance fees and property tax incurred. Finance costs increased to $689,000 as a result of bank interest incurred for the acquisition of Travelodge Docklands.
As at end June, the group’s cash and cash equivalents stood at $60.4 million.
Sing Holdings has an ongoing private condominium development at Fernvale Road that it undertaken by a 70:30 joint venture between the group and Wee Hur Development.
The group says it will continue to monitor the market closely so as to identify an opportune time to launch the development for sale.
Shares in Sing Holdings last traded at 38 cents on Thursday.
