SINGAPORE (Nov 9): SUTL Enterprise saw a 30% increase in net attributable profit to $657,000 for 3Q17 compared to $504,000 in 3Q16, which marina developer and operator attributes to its ongoing efforts to increase operational efficiency.
Revenue for the quarter rose 1% to $6.5 million over the quarter compared to $6.4 million a year ago.
Sales of goods and services fell 1% to $4.6 million while membership-linked fees and management fees rose 3% to $1.7 million.
Other income rose 1% to $6.5 million.
As at end Sept, the group had zero borrowings as well as cash and cash equivalents of $42.9 million as compared to $41.3 million as at Dec 31, 2016.
The latest quarter under review brings net attributable profit for 9M2017 up 13% on-year to $2.1 million, despite a marginal 2% y-o-y decline in 9M revenue to $19.7 million.
“We are very pleased at the progress that we have made to establish our ONE°15 brand and the recent developments have definitely bolstered our confidence,” comments SUTL Enterprise executive director and CEO, Arthur Tay.
“We are determined to pursue every opportunity in the integrated marina business so as to capture the rising awareness of yachting and waterfront lifestyle in Asia and beyond.”
Shares in SUTL closed 2 cents higher at 72 cents on Thursday.
