SINGAPORE (Feb 20): Design Studio Group reported FY16 earnings of $20.5 million, up from $16.8 million last year.

In 4Q16, earnings came in at $9.3 million, up 65.4% in 4Q15, on revenue of $72.8 million, up from $41 million.

For the 12 months ended Dec, revenue rose to $179 million from $166.9 million a year ago. This was led by higher contributions from the Hospitality and Commercial division.

The Hospitality and Commercial division contributed 61.5% of total revenues or $110 million in FY16, an increase from 55.7% of total revenues or $92.9 million in FY2015. The division secured 30 new contracts in Singapore and Malaysia during the year.

In Singapore, the Group secured several contracts for landmark projects including 634 rooms, hotel lobby & Akira Back Restaurant of JW Marriott Singapore South Beach, and the 129-key Yotel Hotel at The Jewel Changi Airport.

Contribution from the group’s Residential Property division declined as a result of fewer projects completed in Singapore. The Division contributed 38.5% of total revenue or $68.9 million in FY16, compared with 44.1% of total revenue or $73.6 million in FY15.

“Despite challenging operating conditions, the Group has delivered another strong result,” said Tan Siok Chin, Chairman of Design Studio Group.

As at end Dec, the group has an order book of $193.1 million, a strong balance sheet and a cash position of $54 million.

The board is proposing a final dividend of 1.25 cents, and a special dividend of 4.00 cents. Combined with the interim dividend of 1.25 cents per share declared in August 2016, this provides shareholders with an aggregate dividend of 6.50 cents for FY16.

Shares of Design Studio closed 1 cent lower at 57 cents on Friday.