REAL estate firm Bukit Sembawang has proposed to stick with its high dividend payout even as its earnings remained soft.
Net profit for its fourth quarter came in a marginal 0.1 per cent higher at S$6.90 million from the previous year, said Bukit Sembawang on Thursday.
This was on the back of a 81.8 per cent plunge in revenue for the three months ended March 31 year-on-year.
Bukit Sembawang said profit margins for projects recognised in Q4 FY2016 - Luxus Hills Phase 7 and Skyline Residences, based on the percentage of completion method - were higher compared with margins booked in Q4 FY2015 from Luxus Hills Phase 6 and Skyline Residences.
For the full year, net profit slid 0.8 per cent to S$91.98 million and revenue fell 26.3 per cent to S$282.0 million from the previous year.
Earnings per share for Q4 were 2.67 Singapore cents, up from 2.66 Singapore cents in the year-ago period. For the 12 months ended March 31, earnings per share were 35.53 Singapore cents, down from 35.82 Singapore cents the previous year.
Out of this, the group proposed a final dividend of S$0.04 plus a special dividend of S$0.29 per share for the full year. This was unchanged from the previous FY.
Net asset value per share was S$4.98 as at March 31 this year, up slightly from S$4.96 as at March 31 last year.
Bukit Sembawang shares rose a cent to S$4.41 on Thursday before its results were released.