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SingHaiyi posts 47.6% rise in Q4 net profit to S$9.74m

REAL estate group SingHaiyi on Wednesday announced that Q4FY19 net profit rose 47.6 per cent year-on-year to S$9.74 million.

Revenue declined 67.6 per cent to S$9.84 million mainly due to the decrease in revenue recognised for the completed executive condominium project, The Vales, and the private condominium, City Suites. Earnings per share came to 0.228 Singapore cent versus 0.209 cent previously. 

During the quarter, share of results of equity-accounted investees (net of tax) went from a loss of S$1.89 million in 4Q2018 to a gain of S$24.87 million in 4Q2019, mainly due to the share of profit of the 35 per cent equity interest in Park Mall, the owner of the 9 Penang Road (9PR), of approximately S$25.9 million. The profit was mainly attributable to the fair-value gain recognised upon reclassifying 9PR from development property to investment property.

In the financial year ended March 31 (FY19), the group recorded a net attributable profit of S$22.64 million, down 20.3 per cent, while revenue sank 83.5 per cent to S$75.91 million.

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The board has proposed a final dividend of 0.15 Singapore cent per share, to be approved by shareholders at an upcoming annual general meeting.

The group's twin freehold properties – 250-unit The Gazania and 80-unit The Lilium, which were officially launched on May 1 - have sold 24 units, representing 15 per cent of the 165 units released in Phase 1.

Celine Tang, group managing director, said: "Having started 2019 on a solid footing, we are excited to bring to market our third pipeline project, Parc Clematis, in the coming months, which will feature new communal concepts catered specifically to homebuyers' unique needs."

The counter closed at 9.4 Singapore cents on Wednesday, up 0.1 cent.