SINGAPORE (Mar 1): Property developer Wee Hur Holdings saw earnings more than triple to $7.8 million in 4Q17 from $2.2 million in 4Q16 on the back of higher revenue.
Revenue for the quarter grew 11% to $40.5 million in 4Q17 from $36.6 million in 4Q16 due to higher contributions from on-going construction projects.
The group also saw higher cost savings in terms general & administrative expenses, marketing & distribution costs, and finance costs after finalising accounts of some its completed construction projects.
Share of profit of associated company of $0.7 million was also recorded as compared to none a year ago, due to the group’s proportionate share of profit on a residential project, Parc Botannia, which is owned by an associated company in Singapore.
The latest 4Q17 set of results brings Wee Hur’s earnings for FY17 to $18.7 million, up 8% from $17.3 million in FY16.
A final dividend of 0.3 cent per share has been proposed for the period under review.
This, together with the interim dividend of 0.3 cent for 1H17, brings the total dividend for FY17 to 0.6 cent – or a total payout of approximately $5.5 million.
Looking ahead, Wee Hur says the outlook of property development and construction has improved, but competition is likely to remain stiff for both sectors. The group adds that it will continue to be prudent in its approach to in bidding for land and tendering for building projects.
Shares in Wee Hur closed flat at 24 cents.
