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Imperium Crown's net profit rises to S$11.98m for year ended June

Wednesday, August 26, 2015 - 21:24

Catalist-listed Imperium Crown, which was formerly known as Communication Design International, has posted S$11.98 million net profit for the year ended June 30, 2015, up from a S$3.06 million net profit in the previous year.

The latest net profit figure was on the back of net fair value gains of S$19.2 million on the group's investment properties in Japan.

"Excluding the fair value gains and deferred tax related to the fair value gains, the group would have a net loss of S$2.4 million due mainly to the once-off costs incurred during the financial year ended June 30, 2015.

"These once-off costs include professional fees and expenses related to the fundraising exercise completed in November 2014 and the acquisition costs related to the purchase of three Japanese properties earlier this year," Imperium Crown said on Wednesday.

There will be no dividend for FY2015 as was also the case for FY2014.

Earnings per share rose to 3.02 cents for FY2015 from 1.78 cents in FY2014. The group's net asset value per share rose to 11.55 cents as at June 30, 2015 from 6.68 cents a year earlier.

The counter closed at 7.5 cents on Wednesday, up 0.3 cent.

During the year under review, the group saw maiden contributions of S$1.7 million in revenue from its first three investment properties - Green Forest Kuramae, Green Forest Itabashi and Hatchobori Place - all in Tokyo and which were acquired in January this year.

Last month, the group added another two residential properties to its portfolio through the acquisition of New City Apartment Minowa and New City Apartment Kuramae for S$19.6 million. All five properties have been substantially or fully leased.

Looking ahead, the group aims to build up a portfolio of conveniently-located properties in Tokyo and other major Japanese cities that cater to local corporates and residents.

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