SINGAPORE (Aug 6): Property developer Bukit Sembawang Estates saw its earnings fall 5% to $22.0 million for the 1Q19/20 ended June, from $23.1 million a year ago.

Earnings per share slipped to 8.51 cents in 1Q19/20, from 8.94 cents in 1Q18/19.

1Q19/20 revenue rose 19% to $77.7 million, from $65.4 million a year ago, on the back of profits recognised for 8 St Thomas, Nim Collection Phase 1 and 2, and Watercove during the quarter.

In the corresponding quarter last year, profits were recognised for Nim Collection Phase 1 and Watercove.

Gross profit increased marginally by 4% to $33.6 million in 1Q19/20, dampened by higher selling costs incurred for 8 St Thomas.

Other operating expenses increased by 65% to $4.0 million during the quarter, mainly due to depreciation of property, plant and equipment of Fraser Residence Orchard, Singapore which commenced operations in April 2019.

Finance costs surged to $2.7 million in 1Q19/20, compared to $18,000 in 1Q18/19, due to additional borrowing.

As at end June, cash and cash equivalents stood at $152.8 million.

Looking ahead, the group says it will be launching Luxus Hills Signature, a collection of 78 landed homes, in 3Q19.

It is also gearing up The Atelier for its sales launch by 1Q20.

Shares in Bukit Sembawang closed 9 cents lower, or down 1.7%, at $5.17 on Tuesday before the results announcement.