SINGAPORE (Feb 9): Singhaiyi property group reported earnings of $1.2 million for 3Q17, a 52% decrease from the earnings of $2.5 million in 3Q16.
For the quarter to December, revenue rose 20.8% to $12 million, from the sale of completed units in Vietnam Town in US.
However, this was dragged down by lower rental income owing to the ongoing asset enhancement initiative at Tri-County Mall in US.
Gross profit margins improved by 15.1 percentage points, on the back of an increase in revenue contribution from its property development projects in US.
Other income rose by $0.3 million on higher net foreign exchange gains, while selling and marketing expenses rose by $0.5 million for the sales commission incurred at its executive condominium project, The Vales.
Finance income reversed into a loss of $0.6 million from a gain of $2.8 million in 3QFY16, due to a decrease in dividend income from its fixed income portfolio.
Furthermore, the group recorded an increase in tax expense from $0.5 million to $1.3 million on the profits from Vietnam Town.
Singhaiyi says the Singapore real-estate market is expected to be soft in the coming year, while the real estate market in the US remains stable. It also added that it will continue to seek property development and investment opportunities to grow its earnings base.
The group did not declare any dividends for the current financial period.
Shares in Singhaiyi closed at 12.8 cents on Thursday.
