PROPERTY development and investment group Bukit Sembawang Estates on Friday (May 27) posted a 75 per cent fall in net profit to S$29.6 million for the second half ended March 31, 2022.

Revenue decreased 75 per cent to S$89.4 million.

Gross profit was lower by 79 per cent to S$30 million mainly due to lower profit recognised on development projects. In H2, profits were recognised for 8 St Thomas, Luxus Hills (Signature Collection), The Atelier and Fraser Residence Orchard, Singapore.

The group’s results translated to earnings per share of 11.42 cents, compared with 44.72 cents a year ago.

For the full year, net profit fell 56 per cent to S$82.9 million while revenue was down 50 per cent to S$288.2 million.

Bukit Sembawang is proposing a final dividend of 4 cents per share and a special dividend of 12 cents per share, compared with a final dividend of 4 cents per share and a special dividend of 29 cents per share a year ago.

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The group has fully sold Luxus Hills Contemporary Collection (Phase 16) and Nim Collection (Phase 1) as of Q1 2022.

It relaunched The Atelier for sale about six months ago and conducted the preview of LIV @ MB on May 6, with sales beginning May 21. Bukit Sembawang said Liv @ MB sold over 75 per cent of units on its launch weekend at an average selling price of S$2,387 per square foot.

The counter ended trading at S$5.18 on Friday, up S$0.02 or 0.4 per cent.