SINGAPORE (May 8): Top Global, the property developer and hospitality and facility manager, swung back into the black in 1Q with earnings of $0.3 million compared to a loss of $0.9 million a year ago.
Quarterly revenue fell 21% to $25.5 million, mainly due to a 24% fall in revenue from development properties to $21.5 million and a 29% fall in rental income to $0.6 million. Income from golf and country club rose 4% to $2 million while hotel rose 2% to $1.2 million.
But cost of sales fell 38% to $16.4 million.
In March, SW International, the private investment vehicle of Top Global's executive chairwoman Oei Siu Hoa, launched a voluntary conditional cash offer for the group’s shares.
In April, the independent financial adviser (IFA) to Top Global's independent directors has deemed the offer by SW International for shares in the property and education group at 33 cents each as "not fair but reasonable".
Stirling Coleman Capital, the IFA, has also advised Top Global's board to recommend that shareholders accept the offer to realise their investment or sell the shares on the open market if they can obtain a higher price.
The stock closed at 32 cents on Monday before the announcement.
