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BUKIT Sembawang Estates' net profit fell 22.7 per cent in its second fiscal quarter as it recognised less takings from its development projects.
The property developer posted earnings of S$30.4 million, or 11.73 Singapore cents per share, for the three months ended September. For the fiscal first half, net profit rose 13.6 per cent to S$60.7 million, or 23.46 Singapore cents per share.
Bukit Sembawang's shares closed at S$4.69 on Thursday, lower by 0.6 per cent or 3 Singapore cents, before the results were announced.
Revenue dropped 29 per cent to S$108.8 million during the quarter, and gross profit decreased by 31.1 per cent to S$33.5 million, as the company recognised less profit from development projects. The company recognises profits on projects based on percentage of completion. During the quarter, profits were recognised for Skyline Residences and Phases 6 and 7 of Luxus Hills.
The company expects buying sentiment for private residential property to remain "subdued".