Corporate digest

SingHaiyi Group

SINGHAIYI posted a rise in net profit from S$1.4 million to S$4 million for the third quarter ended Dec 31, 2018, despite a 62 per cent fall in revenue. The increase was due to wider gross profit margins and higher other income. Gross profit was up 24.5 per cent to S$7.3 million as more revenue from property development in the US with a higher profit margin was recognised.

Other income increased from S$0.4 million to S$2.9 million due to the forfeiture of non-refundable deposits of S$1.8 million, arising from the termination of the bulk sale agreement for the Vietnam Town phase 2 units and the increase in investment income of S$1.1 million.