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Bukit Sembawang posts Q4 net loss of S$11.6m

PROPERTY developer Bukit Sembawang Estates saw a loss of S$11.6 million for the fourth quarter ended March 31, compared with a restated profit of S$22 million in the year-ago period, it said in a results announcement after market close on Monday.

This was despite revenue rising 72 per cent to S$56.5 million. Gross profit was down 19 per cent, which the company said was mainly due to the reversal of costs no longer required in the previous year's fourth quarter.

The latest fourth quarter also saw S$22 million in operating expenses, compared with S$1.5 million in the year-ago period. This was due mainly to a S$9.7 million impairment loss on property, plant and equipment relating to Fraser Residence Orchard, and a S$10 million allowance for foreseeable losses relating to Makeway View.

Loss per share for the quarter was 4.46 Singapore cents, compared with a restated earnings per share of 8.48 Singapore cents for the year-ago period.

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The company has proposed a final dividend of four Singapore cents per ordinary share, unchanged from the previous year, and a special dividend of 18 Singapore cents per ordinary share, up from 14 Singapore cents the previous year.

With the latest quarter's figures, full-year net profit came in at S$101.3 million, double the previous year's figure of S$50.7 million.

Looking ahead, Bukit Sembawang noted that the first three months of the year marked the second straight quarter of decline in private residential property prices. It plans to launch Phases 8, 9 and 16 of Luxus Hills for sale in the third quarter.

The company's shares closed up one Singapore cent or 0.18 per cent at S$5.66 on Monday before the results announcement.