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Bukit Sembawang Estates reports leap in Q4 earnings

PROPERTY developer Bukit Sembawang Estates reported a substantial increase in quarterly net income on Thursday, as it recognised higher profits from its development projects.

Its net profit after tax increased to S$21.5 million in the fourth quarter ended Mar 31, from S$2.3 million the year before.

Its revenue more than doubled to S$32.8 million in Q4 FY2018, from S$15.2 million in Q4 FY2017.

Bukit Sembawang Estates said it recognised higher profits on development projects during the period, based on the percentage-of-completion method.

Its earnings per share were 8.3 Singapore cents, from 0.87 cent last year.

The company declared a final dividend of four cents per share and a special dividend of 14 cents per share for FY 2018.

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