SINGAPORE (May 11): Wee Hur Holdings, the developer and construction company, reported 1Q18 earnings more than trebled to $11.1 million from $3.2 million a year ago.
Revenue surged nearly five times to $159.6 million from $32.7 million mainly from partial revenue recognition of its industrial property, Mega@Woodlands, based on the percentage of completion method.
The group also reported other losses of nearly $9 million from other gains of $3.2 million a year ago as forex losses widened by $8.92 million due to the depreciation of the Australian dollar against the Singdollar.
Distribution and marketing, administrative and finance expenses increased 37.4% to $6.3 million.
The group also recorded a share of profit from associated company of $0.77 million from the recognition of the group's proportionate share of profit on a residential development, Parc Botannia owned by a joint venture company.
Wee Hur says Parc Botannia, which is expected to be completed by 2020, has been 53% sold to date while Mega@Woodlands is about 47% sold.
Shares in Wee Hur closed 0.5 cent higher at 23 cents on Friday.
