Imperium Crown's FY results still bogged in red ink with S$6.7m loss

CATALIST-LISTED real estate developer Imperium Crown narrowed its net losses for the 12 months ended June 30 to S$6.7 million, from S$12.4 million in the previous year.

Revenue grew 2.6 per cent to S$4.9 million in FY2017, compared to S$4.7 million in FY2016.

It was driven mainly by an increase in revenue contribution from the group's Hatchobori Place office property in Tokyo, it said in a Singapore Exchange filing on Friday evening.

Notwithstanding the completion of the sale of the group's Green Forest Kuramae property in late April, the increased revenue contribution from Hatchobori Place more than offset the decrease in revenue contribution from GF Kuramae, it said.

Imperium Crown's executive chairman and CEO Wan Jinn Woei said the company continues to undergo transformation as it has focused its strategy on divesting the existing Japanese properties and reallocating capital to new, promising projects such as the upcoming Wonder Stone Park in China.

"In the year ahead, we will look towards strategic partnerships with partners and asset owners whose participation will help unlock value for our Group and our shareholders," he added.