SingHaiyi Q4 net profit down 47%

Singapore

PROPERTY development group SingHaiyi on Friday posted a net profit attributable to owners of the company of S$8.36 million for the fourth quarter ended March 31, 2016. This is some 47 per cent lower than the S$15.80 million recorded a year ago.

A company spokeswoman said: "Fair value adjustments of S$6.4 million have been made accordingly, as well as the allowance for diminution in value of a development project, City Suites, of S$3.9 million in Q4 2016. These were some of the unique factors which contributed to the Q4 2016 profit figure year-on-year."