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SingHaiyi Group's Q4 profit soars

PROFIT of real estate company SingHaiyi Group soared to S$22.15 million in the period ended March 31, 2017 from S$8.36 million in the same fourth quarter last year.

This is despite a lower rise in revenue to S$8.19 million, by only a 0.8 per cent from S$8.13 million in the previous Q4.

The group said its revenue contribution in FY2017 was mainly from the sales of completed units from Vietnam Town, its commercial condominium project in the United States. It had also completed the disposal of its 20 per cent equity interest in Perennial Somerset Investors for S$100 million on March 31.

Earnings per share rose to 0.77 Singapore cents, up from 0.29 Singapore cents in the previous year.

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Managing director Celine Tang said the company made a conscious decision to embark on a series of strategic corporate actions in the thick of challenging operating conditions, and have delivered "a commendable set of results underscored by steady contribution from diversified revenue streams".