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Bukit Sembawang's Q1 earnings fall on lower profit recognition

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LOWER profit recognition on development projects based on the percentage of completion method took a toll on results for Bukit Sembawang Estates in its first quarter.

LOWER profit recognition on development projects based on the percentage of completion method took a toll on results for Bukit Sembawang Estates in its first quarter.

Net profit dropped 9.4 per cent to S$27.5 million from the year-ago period, the group said in a Singapore Exchange filing on Thursday evening.

For the three months ended June 30, revenue plunged 62 per cent to S$44.9 million from the previous year. The group said it recognised profits for Luxus Hills Phase 6, Luxus Hills Phase 7 and Skyline Residences.

Q1 earnings per share slipped to 10.62 Singapore cents from 11.73 Singapore cents in the year-ago period. Net asset value per share edged up to S$5.09 as at June 30, from S$4.98 as at three months ago.

Bukit Sembawang shares closed two cents down at S$4.60 on Thursday.