Bukit Sembawang Estates' Q3 profit surges

PROPERTY firm Bukit Sembawang Estates on Friday said net profit for the fiscal third quarter rose 75.2 per cent on stronger sales, a provision writeback, and higher finance income.

Net profit for the three months ended Dec 31, 2014, stood at S$32.4 million, compared to S$18.5 million a year ago.

Revenue gained 42.5 per cent to S$98.8 million. Its other income - under which a "write-back of provision for warranties no longer required" was reported - rose to S$898,000, compared to S$28,000 a year ago. Finance income was also up to S$581,000 from S$33,000 a year ago, thanks to higher interest income earned from fixed deposits placed with banks.