Sim Lian, Lee Kim Tah report lower profits

SIM LIAN Group yesterday posted a 48 per cent slide in net profit to $17.1 million, on the back of a 50.7 per cent drop in revenue to $96.5 million for its third quarter ended March 31, 2014.

Earnings per share for the quarter fell to 1.7 cents, from 3.3 cents a year ago.

This was due to lower contributions from its property development division, whose contribution to the group's revenue fell 67 per cent year-on-year, "mainly due to reduced revenue contribution from Waterview project as it has obtained its TOP (temporary occupation permit) in January 2014."