Sim Lian Q1 profit down 26% at $27.7m
A DROP in revenue from its property development unit led Sim Lian Group to a 26 per cent fall in first quarter net profit to $27.7 million from $37.2 million a year ago.
The property and construction group's earnings per share were 2.8 cents, compared with four cents a year earlier.
Revenue for the three months ended Sept 30 fell 21 per cent to $151.2 million. This was largely due to lower contribution from its Waterview condominium project, which is fully sold and is now in the later stage of construction.
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