SINGAPORE (Mar 8): Sysma Holdings saw its earnings fall 9.7% to $4.3 million for the half-year ended January, from $4.8 million a year ago.
The decline came despite a 47.2% rise in revenue to $59.7 million during the half-year period, from $40.5 million a year ago.
The increase in revenue was mainly attributed to higher contribution of $39.6 million in HY18 from property development project Charlton 18, with the properties having been substantially sold, compared to $6.2 million a year ago.
The increase was partially offset by lower contribution from construction projects.
Gross profit slipped 1.8% to $7.9 million in HY18, as gross profit margin fell 6.8 percentage points to 13.2% on the back of higher cost of sales attributable to Charlton 18.
Other operating expenses grew 20.4% to $2.1 million in HY18, from $1.8 million a year ago, mainly due to unrealised net foreign exchange losses.
Earnings per share (EPS) fell to 1.71 cents, from 1.83 cents a year ago.
As at end January, cash and cash equivalents stood at $55.9 million.
Looking ahead, the group says it will continue to actively bid for new projects that will add value to its order book, which stood at approximately $34 million as at Jan 31, 2018.
It will also continue to market the remaining units in all its property development projects, including 28 RC Suites and Charlton 18.
Shares of Sysma closed flat at 15.1 cents on Thursday.
