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Aspial sees jump in net profit from property segment
ASPIAL Corporation, which sells jewellery and develops property, saw its full-year net profit jump on a surge in revenue from its real estate business.
Net profit for the three months ended Dec 31, 2018 stood at S$28.35 million, compared with a net profit of S$2.31 million posted the same period a year ago.
The results translate to earnings per share of 1.46 Singapore cents, against earnings per share of 0.12 Singapore cents.
Revenue surged 84 per cent to S$898.5 million.
Revenue from its real estate business jumped from S$185.7 million in fiscal 2017 to S$574.2 million in fiscal 2018. The increase was primarily due to the recognition of sales from the CityGate project in Singapore, which obtained its temporary occupation permit in fiscal 2018, and revenue from the settlement and handover of completed residential units for the Avant and Australia 108 projects in Melbourne, Australia.