Absence of one-time gain hits Hafary

THE lack of one-time disposal gains dragged tile supplier Hafary Holdings' full-year earnings to a 64 per cent drop despite better sales.

Hafary posted net profit attributable to equity-holders of S$8 million, or 1.88 cents per share, for the year ended June 30, 2014. That paled in comparison to the S$22.3 million year-ago bottom line, largely due to the absence of a S$23.8 million gain in fiscal 2013 from the sale of a piece of property. A final dividend of 0.3 Singapore cent per share has been proposed. Revenue improved 11.3 per cent to S$92.7 million as the project segment benefited from contracts relating to Housing & Development Board development projects.

The company's general business segment, which mostly caters to the retail end of the market, showed more modest growth as residential unit resale transaction volumes decreased on the back of national property cooling measures.