SingHaiyi Q4 profit falls 47%, revenue jumps 63.8%

PROPERTY development group SingHaiyi on Friday posted a net profit attributable to owners of the company of S$8.35 million for the fourth quarter ended March 31,2016, 47.1 per cent lower than the S$15.79 million recorded a year ago.

Revenue rose by 63.8 per cent year on year to S$8.12 million, mainly due to contributions from the group's DBSS project Pasir Ris One, which was completed in Q1 2016, and sales of completed units from Vietnam Town, the group's project in the United States.

Earnings per share for the quarter fell from 0.552 Singapore cent to 0.292 Singapore cent.

For the full year (FY2016), net attributable profit rose 38.4 per cent to S$29.3 million. This came on the back of S$269.1 million achieved in revenue, an increase of S$248.2 million from S$20.9 million in FY2015. The increase was mainly due to higher property development income.

Earnings per share for the year rose from 0.74 Singapore cent to 1.024 Singapore cents.

SingHaiyi declared a dividend of 0.2 Singapore cent for FY2016. Together with the special dividend of 0.2 Singapore cent declared in Q1 FY2016, the total dividends paid and proposed for FY2016 would amount to 0.4 Singapore cents per ordinary share.

Given current economic and property market conditions, the group said it expects to face some headwinds in the year ahead, particularly in Singapore, where demand in the residential property market is expected to be dampened by weak market sentiment and rising interest rates.

Over in the US, the real estate market is expected to be reasonably stable, said SingHaiyi.