SINGAPORE (Feb 27): Singapore eDevelopment announced that its FY17 losses have narrowed by 26% to $5.29 million, compared to $7.18 million in FY16.
Revenue for the full year ended Dec 2017 spiked up to $15.0 million, compared to $1.70 million in the previous year, mainly attributed to higher contribution from the group’s US project in Maryland, Ballenger Run; property development business’ home incubation in Texas; and a consultancy contract to restructure a US OTCBB-listed biomedical company.
Similarly, cost of sales increased to $12.4 million from $1.48 million last year.
Hence, gross profit for FY17 stood at $2.66 million, a significant increase from $0.22 million a year ago.
Other income was 225% higher at $4.28 million compared to $1.32 million in the previous year, mainly due to the fair value gain on financial assets of $3.9 million and the written back of impairment loss on property under development of $0.2 million.
During FY17, the group recorded marketing expenses of $0.56 million, compared to gains of $0.10 million a year ago.
Other expenses doubled to $4.55 million from $2.36 million last year, due to the depreciation of the USD on the group’s US property development operations.
The group recorded gains income taxes of $0.81 million compared to expenses of $0.81 million in FY16.
Looking forward, the group intends to improve the cashflow of its Black Oak project by sourcing financing, securing sales contracts, and seeking infrastructure reimbursements from the relevant improvement district.
It will also continue to explore potential investment in the coming year for its investment business segment.
Shares in Singapore eDevelopment closed at 5.4 cents on Tuesday.
