SINGAPORE (March 14): Vibrant Group posted earnings of $1.3 million for the third quarter ended Jan 31, a decline of 85.2% from earnings of $8.7 million a year ago.
This was mainly due to the absence of the accretion of deferred revenue upon leases expiry with Sabana REIT, as well as decline in the fair value of investment property and lower foreign exchange gain.
In a filing to SGX on Tuesday, the group says its share of profits from associates also “decreased significantly” due to lower contribution from Plaza Ventures and Figtree Holdings.
Revenue climbed 23.6% to $53.5 million in 3Q, from $43.3 million a year ago.
This was mainly attributable to Vibrant Group’s real estate business, with contribution from the government-approved resettlement housing development projects in Jiangyin, China.
Cash and cash equivalents stood at $32.8 million as at Jan 31, 2017.
Looking ahead, the group says it “remains cautious on its business outlook given the uncertain global economic conditions.”
“The group will exercise prudence and adopt a selective approach in relation to investment opportunities,” it adds.
Shares of Vibrant Group closed 1 cent lower at 36.5 cents on Tuesday.
