SingHaiyi posts net loss of S$8.2m, 84% slump in revenue for Q1

PROPERTY developer SingHaiyi Group on Thursday posted a net loss of S$8.2 million for the first quarter ended June 30, compared to a profit of S$1.2 million a year ago.

Revenue plunged 84 per cent to S$4.2 million from S$26 million in Q1 of the previous year, mainly due to lower revenue recognised for SingHaiyi's completed private condominium project City Suites.

In the quarter under review, revenue mainly came from sales of Phase 2 units in its completed commercial condominium project Vietnam Town and rental income from Tri-County Mall.

Loss per share was 0.194 Singapore cent, while earnings per share a year ago was 0.029 cent.

No dividend was declared for the period under review.

SingHaiyi shares ended at S$0.095 on Thursday, up 0.2 Singapore cent or 2.15 per cent before the results were announced.