Bukit Sembawang Q3 profit down 24.9% at S$24.3m

RESIDENTIAL property developer Bukit Sembawang recorded a net profit of S$24.3 million for its third quarter ended Dec 31, 2015, down 24.9 per cent from S$32.4 million a year ago.

Revenue was down 56.9 per cent to S$42.6 million from S$98.8 million a year ago.

For the nine months ended Dec 31, 2015, net profit was flat at around S$85 million while revenue was down 14.5 per cent to S$270 million.

The company was helped by higher gross profit margins on projects such as Luxus Hills Phase 6 and 7, and Paterson Suites, which mitigated lower revenues.

Looking ahead, the company noted that the previous quarter was the ninth consecutive quarter of declining private residential property prices.

For the whole of 2015, private home prices fell 3.7 per cent, compared with a 4 per cent decline in 2014.

"The Singapore residential property market sentiment remains weak and the operating environment continues to be challenging in the current financial year," Bukit Sembawang said.

The counter traded unchanged at S$4.19 a share.