Sing Holdings swings back to S$20m net profit in Q1
DEVELOPER Sing Holdings is back in the black, reporting a net profit of S$20 million for the first quarter ended March 31, 2016, versus a net loss of S$949,000 in the corresponding period a year ago.
This was thanks to a 3,160.8 per cent increase in revenue to S$220.92 million, mainly from the recognition of sales proceeds from its Waterwoods project.
Still, Sing Holdings warned: "In the absence of new projects and with significantly lower revenue to be recognised from its existing development properties, the group expects to report substantially lower profit, or loss, for the next few quarters."
For Q1 2016, it said that other income comprised mainly rental income from trading properties, interest income from fixed deposits, dividend income and fair value gain on quoted equity shares classified as held for trading.
Earnings per share for the period stood at 4.99 Singapore cents, compared to a loss per share of 0.24 cents in Q1 2015.
No dividend was declared.
Looking ahead, the group expects buying sentiment in the Singapore property market to remain weak, given the current cooling measures in place as well as uncertainties over the global economy.
Sing Holdings shares closed flat on Friday at 32 Singapore cents apiece.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Delfi Orchard up for collective sale at S$438 million guide price
US existing home sales drop in March; median price increases
German home building permits tumble 18% in February, extending rout
China national who had Singaporeans front plan to buy East Coast houses pleads guilty
Freddie Mac seeks regulatory approval to back home-equity loans
China national fined S$45,000 for having Singaporeans front plan to buy East Coast houses