Revenue decreased by 15% y-o-y to $76.5 million, while cost of sales increased by 5% to $62.6 million.

Gross profit for the period decreased by 54% y-o-y to $30 million mainly due to lower profit recognised on development projects. In 2HFY2023, profits were recognised for Nim Collection Phase 2, The Atelier and LIV@MB.

For the full year, Bukit Sembawang reported earnings of $82.9 million, representing a 59% drop y-o-y.

Its FY2023 revenue decreased by 32% y-o-y to $197.1 million, while cost of sales decreased by 13% to $163 million as compared to FY2022.

The company’s gross profit for the year decreased by 66% y-o-y to $34.1 million.

See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/capital/results/ihh-healthcare-doubles-earnings-rm5321-mil-3qfy2023?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>IHH Healthcare doubles earnings to RM532.1 mil for 3QFY2023</a>

As at March 31, Bukit Sembawang’s total assets decreased by 5.7% y-o-y to $1.57 billion mainly due to decrease in cash and cash equivalents offset against the increase in development properties.

This, in turn, was due to acquisition of a new land parcel at Bukit Timah Link as well as partial repayment of bank loans.

Meanwhile, the company’s liabilities decreased by 45.9% y-o-y to $103.6 million as at end-March.

See also: <a class='gtm_see_also_2_inread' style='text-decoration: underline;' href='/capital/results/kimly-earnings-72-y-o-y-365-mil-fy2023-confectionery-business-disposal?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Kimly earnings up 7.2% y-o-y to $36.5 mil for FY2023 from confectionery business disposal</a>

Over the next six to twelve months, Bukit Sembawang will be focussing on the sales of The Atelier, Liv@MB and Pollen Collection. It will also be preparing for the launch of the new residential development at Bukit Timah Link.

Shares in Bukit Sembawang closed 2 cents lower or 0.48% down on May 22 at $4.10.

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