SINGAPORE (Nov 9): Sing Holdings announced losses of $1.10 million in 3Q17 compared to earnings of $1.34 million in 3Q16.
During the quarter, the group received $50.7 million from the disposal of a subsidiary and $10.7 million from the sale of its completed properties.
Revenue decreased 73.9% to $3.28 million from $12.6 million a year ago, which comprised rental income from lease of an investment property and recognition of sales proceeds from completed properties.
In line with the decrease in revenue, cost of sales dropped 97.6% to $242,000 from $10.2 million the previous year, due to cost savings from completed development projects.
As a result, gross profit for the quarter came in at $3.04 million, 25.8% more than $2.41 million a year ago.
Sales and marketing expenses decreased 77.3% to $107,000 from $472,000 last year, largely attributable to lower commission incurred for sales of completed properties.
Other operating expenses increased more than tenfold to $3.29 million from $0.2 million a year ago, due to a loss on disposal of subsidiary – Robin Residences.
Hence, as at Sept 30, the group’s cash and cash equivalents stood at $107.9 million.
The group has been participating in Government land tenders and en bloc sales to replenish its land bank but was unsuccessful. It will continue to monitor the market closely so as to identify new property development and investment opportunities.
Shares in Sing Holdings closed at 50 cents on Thursday.
