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Sing Holdings Q4 earnings jump on recognition of Waterwoods sales proceeds

EARNINGS for property development and investment group Sing Holdings jumped in the fourth quarter as the company recognised sales proceeds from residential units.

Net profit shot up to S$16.27 million in the three months ended Dec 31, 2015, reversing a loss of S$281,000 the previous year, going by its Singapore Exchange filing on Tuesday.

That worked out to earnings per share of 4.06 Singapore cents for Q4, from a loss per share of 0.07 Singapore cent the year before.

The increase came on the back of revenue jumping 1,942.3 per cent to S$195.96 million in Q4. Revenue for the quarter arose mainly from the recognition of sales proceeds from units in an executive condominium development, Waterwoods, that were served with Notice of Vacant Possession (NVP) in Q4 2015, Sing Holdings said.

The group's net asset value per share was 58.74 Singapore cents as at Dec 31, 2015, from 54.75 Singapore cents as at Dec 31, 2014.

For the full financial year, net profit rose to S$20.32 million, up from S$43,000 the preceding year, and revenue went up 637.2 per cent to S$263.57 million.

The group proposed a final cash dividend of one cent per share plus a special cash dividend of 0.25 cent per share.

Sing Holding shares fell half a cent to S$0.31 on Tuesday before its results were released.