Top Global Q4 earnings drop despite revenue jump

HIGHER administrative expenses and other losses took a toll on earnings for property developer Top Global in the fourth quarter.

Net profit dived 42 per cent from the preceding year to S$1.03 million for the three months ended Dec 31, 2015, it said in a Singapore Exchange filing on Tuesday.

That was despite revenue climbing 145 per cent year on year to S$69.30 million.

The group "saw renewed interest in its Singapore projects in the fourth quarter", it said in its statement. It said that it "will also continue to seek more opportunities in acquisitions, and setting up of other businesses in Singapore and the region, so as to deliver medium-term returns to shareholders".

Earnings per share came in at 0.33 Singapore cent for Q4, down from 1.15 Singapore cents in the year-ago period. Net asset value per share was 86.73 Singapore cents as at Dec 31, 2015, slightly below 89.80 Singapore cents as at Dec 31, 2014.

Top Global shares closed flat at S$0.20 on Tuesday.