SingHaiyi sinks into the red with S$8.7m H2 net loss

Vivienne Tay

Published Tue, May 25, 2021 · 03:43 PM

MAINBOARD-LISTED SingHaiyi Group sank into the red for the second half ended March 31 with a net loss of S$8.7 million. In the same period last year, the real estate developer recorded a net profit of S$4.9 million.

The results translate to a loss per share (LPS) of 0.207 Singapore cent, against earnings per share of 0.117 cent, according to results released on Tuesday.

The net loss also comes as SingHaiyi saw its cost of sales more than double to S$79.1 million, from S$34.2 million a year ago.

Its share of results of equity-accounted investees, net of tax recorded a loss of S$3.7 million, from a gain of S$36.2 million in the year-ago period. This was largely due to the absence of a S$35 million fair-value gain of 9 Penang Road, coupled with the share of fair-value loss from ARA Harmony Fund III, a portfolio of five malls in Malaysia.

Meanwhile, revenue for the six months ended March more than doubled to S$102.3 million, from S$44.2 million the year before.

This was mainly due to revenue recognition from two Singapore condominiums - S$60.6 million from Parc Clematis and S$4 million from The Gazania. The gain was partially offset by the fall of S$5.8 million in revenue recognised for the second phase of Vietnam Town, a commercial condominium project in San Jose, California.

A NEWSLETTER FOR YOU

Tuesday, 12 pm

Property Insights

Get an exclusive analysis of real estate and property news in Singapore and beyond.

For the full year ended March 31, SingHaiyi saw its net loss widen to S$13.3 million, from S$7.8 million the year prior. LPS was 0.316 Singapore cent, from 0.186 cent the year before. Revenue stood at S$152.8 million, 2.7 times the S$57.2 million posted in the year-ago period.

No dividend was declared for the financial period as the group recorded a net loss for the fiscal year and seeks to conserve cash for its development projects, it said.

SingHaiyi shares rose 6.06 per cent to seven Singapore cents when market closed on Tuesday, after the financial results were released.