SINGAPORE (Nov 5): Bukit Sembawang Estates has announced earnings of $44.6 million for the 2Q19/20 ended September, some 1% lower than earnings of $45.1 million a year ago.

This translates to earnings per share (EPS) of 17.23 cents for 2Q19/20, compared to EPS of 17.40 cents in 2Q18/19.

The decline was mainly due to a surge in finance costs to $4.5 million during the quarter, on the back of higher borrowing costs on loan relating to Katong Park Towers and The Atelier.

2Q19/20 revenue grew 24% to $141.1 million, compared to $113.7 million a year ago.

During the quarter, profits were recognised for 8 St Thomas, Luxus Hills Phases 8 and 9, Nim Collection Phases 1 and 2, and Watercove.

Gross profit climbed 21% to $67.2 million during the quarter, mainly due to higher profit recognised on more development projects.

Administrative expenses rose 41% to $2.1 million, as a result of administrative and payroll related expenses of Fraser Residence Orchard, Singapore (FROS), as well as the adoption of a new accounting standard.

Other operating expenses jumped 58% to $3.5 million, mainly due to depreciation relating to FROS and higher maintenance charges for development properties which had obtained their temporary occupation permits.

As at end-September, cash and cash equivalents stood at $210.0 million.

Looking ahead, the group says it is preparing for the sales launch of The Atelier by 1Q20.

Shares in Bukit Sembawang closed flat at $4.85 on Tuesday.

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