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.