Goodland Group has swung back into the black with earnings of $2.3 million for the 2HFY2021 ended September. This compares to the $884,000 loss in the same period the year before.
The reversal from the loss was thanks to the 87% y-o-y surge in revenue to $23.5 million. This was mainly due to the higher revenue generated from sales of landed terrace houses, as well as progressive revenue recognition from its industrial project, Citrine Foodland.
Cost of sales also grew 88% y-o-y to $20.2 million in line with the revenue increase.
Accordingly, gross profit stood 78% higher y-o-y at $3.4 million.
Gross profit margin (GPM) stood at 14.3% for the period.
Other operating income surged over seven times to $5.6 million mainly due to project management income from associate of $2.2 million; waiver of advances from associates of $1.6 million; as well as fair value gains of $1.6 million on investment properties.
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Earnings per share (EPS) for the 2HFY2021 stood at 0.65 cent, from loss per share of 0.25 cent a year ago.
For the FY2021, the group logged earnings of $1.0 million, from the $3.6 million loss it saw in the FY2020.
Revenue for the FY2021 dipped 5% y-o-y to $25.6 million.
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Cost of sales in FY2021 fell 11% y-o-y to $21.3 million.
Gross profit stood 36% y-o-y higher at $4.3 million for the FY2021.
FY2021 EPS stood at 0.29 cents from the 0.99 loss per share in FY2020.
As at Sept 30, cash and cash equivalents stood at $8.1 million.
A final exempt dividend of 0.15 cent per share (comprising a final and special dividend of 0.075 cent each) has been paid out for the FY2021. Along with the interim exempt dividend of 0.075 cent per share, the group will be paying out a total FY2021 dividend of 0.225 cent per share.
Looking forward, the group says it expects the next 12 months to be “challenging”.
Sales and leasing activities of residential, commercial and industrial properties are picking up in Singapore, while the weak market sentiment has proved challenging for the group’s operations in Malaysia and Cambodia.
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“Our group will continue to look for development and investment opportunities, both locally and regionally, while exercising caution,” it says.
As at 10.11am, shares in Goodland are trading flat at 14 cents.