SINGAPORE (Feb 12): Bukit Sembawang Estates saw its earnings double to $10.7 million for the 3Q18 ended December, from $5.4 million a year ago, on the back of higher revenue.
3Q18 revenue jumped 69.0% to $17.5 million, from $10.4 million a year ago.
The increase was mainly due to higher sales and higher profit recognition on development projects.
In 3Q18, profits were recognised for Watercove and two houses at Lengkok Angsa.
Bukit Sembawang in 3Q18 recorded other operating income of $1.8 million, compared to other operating expenses amounting to $1.9 million a year ago.
The other operating income was mainly due to write-back of allowance for foreseeable losses on development properties of an amount of $35.5 million for the Paterson Collection project, offset by the Additional Buyer’s Stamp Duty of $31.8 million incurred for the same project.
As at end December, cash and cash equivalents stood at $227.0 million.
Looking ahead, the group says it is closely monitoring the changing dynamics of the residential property market for the timely launching of a new residential project for sale.
Shares of Bukit Sembawang closed 2 cents lower at $6.03 on Monday.
