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POLLUX Properties reported a 55.5 per cent rise in net profit for the full year ended March 31 to S$2.58 million, thanks to a surge in share of results from a joint venture.
The 51.3 per cent increase in share of results of a joint venture to S$6.36 million from S$4.21 million was mainly due to the recognition of revenue based on the percentage of completion for Pavilion Square project, a mixed-use project with residential and commercial components in Geylang.
This helped to offset a 38.1 per cent drop in group revenue to S$29.88 million, due to two of the four development properties having already obtained temporary occupation permit (TOP) in fiscal 2016 and the revenue from these development properties having been recognised in FY2016.
Noting that the "current property market conditions remain challenging", the group said it is cautious when seeking opportunities such as buying land and investment assets.
It expects wider revenue streams and stable long-term recurring income with the continued growth of the operation of Louis Kienne Serviced Residences at 554 Havelock Road as well as the growth of the associate fund management company Stirling Fort Capital Pte Ltd.