Aspial's profit slips after buyers walk away from Australia 108 as property cycle turns

Singapore

FEWER settlements at the Australia 108 mega project in Melbourne have put a dent in Aspial Corp's third-quarter revenue, even as the leveraged property developer counts on fresh cash from handovers to improve its debt profile.

Aspial, which also sells jewellery, posted a net profit of S$5.7 million in the three months ended Sept 30, down 69 per cent from the same period a year earlier.

Revenue fell 60 per cent to S$138.7 million. For Australia 108, revenue can only be recognised when units are handed over to buyers. This is different from resident…