Double-digit falls in most developers' profits as domestic challenges persist

Singapore

THINNER development profits and incremental impairments dragged down property developers' earnings in their latest fiscal period.

This was especially so for developers who rely on domestic residential development sales for the bulk of their income - no surprise, given the challenging operating environment as home sales transactions and prices decline.

RHB analyst Goh Han Peng told The Business Times: "Most of the strong pre-sales numbers chalked up during the boom years of 2012-2013 had already been recognised in earlier years.

"The operati…