SINGAPORE (March 9): Sysma Holdings posted earnings of $4.8 million for the six months ended Jan 31, more than a nine-fold increase from earnings of $0.5 million in the same period a year ago.
This was mainly due to lower cost of sales, which was almost halved to $32.5 million compared to $64.0 million a year ago, as a result of lower property development segment revenue.
Revenue slumped 40.4% to $40.5 million in HY2017, from $68.0 million a year ago.
This was mainly due to a $34.0 million decrease in revenue contribution from property development projects 28 RC Suites and 8M Residences as the properties have been substantially sold.
In HY2017, gross profit doubled to $8.0 million while gross profit margin more than tripled to 19.8%. Sysma recorded gross profit of $4.0 million and gross profit margin of 5.9% a year ago.
Cash and cash equivalents stood at $32.9 million as at Jan 31, 2017.
Going forward, the group says it will continue to leverage on its reputation as a trusted builder of Good Class Bungalows and high-end landed properties to bid for new projects that will add value to its order book, while keeping a close eye on its margins and costs.
Shares of Sysma Holdings closed 1.1 cent lower at 8.9 cents on Thursday.
