Real estate group SingHaiyi on Wednesday announced that its fourth-quarter net profit rose 47.6 per cent year on year to $9.74 million.
Revenue fell 67.6 per cent to $9.84 million mainly due to the decrease in revenue recognised for the completed executive condo project, The Vales, and private condo City Suites. Earnings per share came to 0.228 cent versus 0.209 cent previously.
During the quarter, the share of results of equity-accounted investees (net of tax) went from a loss of $1.89 million in its fourth quarter last year to a gain of $24.87 million in its fourth quarter this year, mainly due to the share of profit of the 35 per cent equity interest in Park Mall, the owner of 9 Penang Road (9PR), of approximately $25.9 million. The profit was mainly attributable to the fair-value gain recognised upon reclassifying 9PR from development property to investment property.
In the financial year ended March 31, the group recorded a net attributable profit of $22.64 million, down 20.3 per cent, while revenue sank 83.5 per cent to $75.91 million.
The board has proposed a final dividend of 0.15 cent per share.
The group’s twin freehold properties – the 250-unit The Gazania and 80-unit The Lilium, which were officially launched on May 1 – have sold 24 units, representing 15 per cent of the 165 units released in Phase 1.
Caterer Neo Group on Wednesday reported a net profit of $3.92 million for the fourth quarter ended March 31, up nearly 43 per cent from the corresponding quarter a year ago.
Fourth-quarter revenue increased 7 per cent to $50.89 million on the back of better food catering business.
For the full year, net profit shot up 48.7 per cent to $5.4 million, while revenue edged up 1.6 per cent year on year to $181.02 million owing to stronger revenue contributions from its food catering and food retail businesses, as well as its other businesses segment. Earnings per share came to 3.68 cents, rising from 2.49 cents previously.
Neo Group chief executive Neo Kah Kiat said: “We will continue to actively pursue higher-margin and recurring income opportunities across the various market segments. This covers the full spectrum, from childcare and elderly to the fast-growing tingkat business, to institutional catering, corporate clients and venue partnerships.”
The group has proposed a final cash dividend of 0.5 cent for financial year 2019.
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