SingHaiyi Q3 profit down 36.7%, but rental income stable
SINGHAIYI Group's net profit dropped 36.7 per cent in its fiscal third quarter in the absence of year-ago development sales, but rental income was stable.
The property development group also explained its new plans for a San Francisco project, a change that was only disclosed in passing in January.
SingHaiyi's net profit for the three months to December 2014 was S$2.5 million, or 0.086 Singapore cents per share. For the nine months to December, net profit fell 57.4 per cent to S$5.3 million, or 0.188 Singapore cents.
SingHaiyi shares closed flat at 14.6 Singapore cents on Friday before the results were announced.
The profit drop in the third quarter was largely because the year-ago period recorded S$9.3 million in property development revenue from sales at Charlton Residences. Rental income, however, was mostly flat, declining by a modest 0.3 per cent to S$3.89 million, while management fee income stayed flat at S$210,000.
SingHaiyi said that it will no longer develop the existing office at 5 Thomas Mellon Circle in San Francisco into a 528-unit continuing care retirement community for senior residents, as originally planned.
Instead, the company will now build a 511-unit residential condominium to replace the office building after deciding that the condominium will "generate better investment returns".
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Cordlife hiring more technical and laboratory staff to ‘strengthen core processes’
Tesla’s China-made EV sales fall 18% y/y in April
Singapore stocks end lower even as regional markets rally; STI slips 0.1%
New Thai finance minister downplays row with central bank
South-east Asia increasingly used for illicit money flows, terrorist financing: US Treasury official
Apac finance M&A to stay subdued after Q1 decline as uncertainties linger: S&P Global