Sim Lian posts earnings, revenue slump in Q3

PROPERTY and construction firm Sim Lian Group on Friday posted a 82 per cent drop in net profit to S$16.4 million in its third quarter ended March 31, 2016. A year ago, it had reported a net profit of S$90.2 million.

Revenue slumped 74 per cent to S$163.3 million, due to reduced contribution from its development property which was completed in February 2015.

This is according to the completion of contract accounting method where its revenue and related expenses are counted in tandem with the completion of its projects.

Earnings per share fell to 1.63 Singapore cents, from 8.96 Singapore cents a year ago.