Singapore

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 March 31, 2018, 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 in Q4 FY2017. Its earnings per share were 8.3 cents, from 0.87 cents last year.