SINGAPORE (Aug 6): Developer World Class Global recorded a sevenfold jump in earnings to $11.0 million in 1H19 from $1.6 million in 1H18.
The earnings surge was mainly due to the recognition of revenue of $158.1 million from the settlement by the purchasers of Australia 108 and AVANT in 1H19, decrease in net foreign exchange loss, partially offset by an increase in sales commission and employee benefits.
Revenue for 1H19 fell 2% to $158.1 million from $160.8 million in 1H18.
Cost of sales fell 14% to $121.3 million.
Employee benefits expenses increased 8% to $1.8 million, while finance costs nearly trebled to $1.0 million and other operating expenses increased 34% to $15.8 million.
Net foreign exchange loss came in 43% lower at $2.2 million.
As at end June, the group’s cash and cash equivalents stood at $18.5 million.
In its outlook statement, World Class Global says it continues to make good progress with the construction of the Australia 108 project in 1H19.
Barring unforeseen circumstances such as unfavourable changes in AUD and MYR, the group expects to stay profitable in FY19.
Shares in World Class Global closed at 16 cents on Tuesday.
