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Singhaiyi 1Q earnings surge to $16.4 mil on higher revenue

PC Lee Published on Thu, Jul 27, 2017 / 8:09 PM GMT+8

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SINGAPORE (July 27): Property group Singhaiyi reported 1Q18 earnings surged 7.5 times to $16.4 million from $2.2 million a year ago.

Revenue surged 26.4 times to $282.9 million from $10.7 million, lifted mainly by revenue recognised for the group’s completed Executive Condominium (EC) project, The Vales.

Revenue contribution in 1Q17 came mainly from sales of completed units from Vietnam Town. The lower rental income in 1Q18 was attributable to ongoing Asset Enhancement Initiative (AEI) programme underwent by Tri-County Mall (TCM) in the US. Management fee income pertained to project management services rendered in Singapore.