SINGAPORE (Feb 13): Property developer Bukit Sembawang Estates saw its earnings tumble 47% to $23.7 million for 3QFY2019/20 ended December 2019, from $44.6 million a year ago.

Earnings per share dropped to 9.15 cents in 3QFY2019/20, from 17.24 cents in 3QFY2018/19.

3QFY2019/20 revenue fell 36% to $78.4 million, due to lower revenue recognised on development projects.

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

Net asset value per share rose to $5.17 as at Dec 31, 2019, from $5.04 as at Mar 31, 2019.

As at end December, cash and cash equivalents stood at $245.2 million.

While Bukit Sembawang notes that the residential property market has proven to be resilient in 2019 in spite of the cooling measures introduced in July 2018, it believes demand for housing properties in Singapore may be impacted by the uncertainty in the economic outlook.

The group adds that it will keep abreast of the evolving dynamics of the residential property market in preparation for the launch of new residential projects.

Shares in Bukit Sembawang closed 4 cents lower, or down 0.9%, at $4.56 on Thursday, before the results announcement.