DEVELOPER Sing Holdings is back in the black, reporting a net profit of S$20 million for the first quarter ended March 31, 2016, versus a net loss of S$949,000 in the corresponding period a year ago.
This was thanks to a 3,160.8 per cent increase in revenue to S$220.92 million, mainly from the recognition of sales proceeds from its Waterwoods project.
Still, Sing Holdings warned: "In the absence of new projects and with significantly lower revenue to be recognised from its existing development properties, the group expects to report substantially lower profit, or loss, for the next few quarters."
For Q1 2016, it said that other income comprised mainly rental income from trading properties, interest income from fixed deposits, dividend income and fair value gain on quoted equity shares classified as held for trading.
Earnings per share for the period stood at 4.99 Singapore cents, compared to a loss per share of 0.24 cents in Q1 2015.
No dividend was declared.
Looking ahead, the group expects buying sentiment in the Singapore property market to remain weak, given the current cooling measures in place as well as uncertainties over the global economy.
Sing Holdings shares closed flat on Friday at 32 Singapore cents apiece.