Sim Lian Q1 profit soars to S$71.66m from S$27.68m

SIM Lian Group has posted net profit of S$71.66 million for the first quarter ended Sept 30, 2014, up from S$27.68 million in the same year-ago period. Revenue jumped to S$379.02 million from S$151.17 million previously.

Revenue from property development nearly tripled to S$297.23 million from S$107.15 million previously. Construction division's revenue rose 87 per cent to S$68.88 million - due mainly to increase in percentage of work done.

Earnings per share rose to 7.1 Singapore cents from 2.8 cents previously. Net asset value per share stood at S$1.05 as at Sept 30, 2014, from 98 cents as at June 30, 2014.

The counter shed two cents in Monday trading to close at 84.5 cents. Sim Lian announced its results after the close of trading.

"The group expects to achieve a set of profitable operating results for FY2015," Sim Lian said in its result statement.