SINGAPORE (May 26): Developer Bukit Sembawang Estates reported a 21.2% fall in FY17 earnings to $72.5 million from a year ago.
Revenue decreased by 49.2% to $143.4 million due to recognition of profits from fewer projects including Luxus Hills Phase 6 and 7 and Skyline Residences compared to a year ago when there was additional revenue recognition from the penthouse at Paterson Suites and The Vermont on Cairnhill. In line with lower revenue, costs of sales also fell 68.4% to $53.8 million.
Gross profit decreased by 20% to $89.6 million while other operating expenses widened 81.4% to $11.3 million.
For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
