SINGAPORE (May 10): Sing Holdings reported first quarter earnings nearly surged fourfold to $3.04 million in 1Q18 from $0.82 million in 1Q17.
Revenue increased by 20.5% to $16.6 million from $13.8 million a year ago, comprising recognition of sales proceeds from property under development, as well as rental income from lease of an investment property. Revenue from property under development was recognised progressively based on construction progress.
Cost of sales increased 4.2% y-o-y to $10.8 million, bringing 1Q18 gross profit to $5.85 million, 69.0% higher than $3.46 million last year.
Other income was also 31.5% up y-o-y at $0.76 million, arising mainly from rental income from completed property, interest income, dividend income and gain on sale of quoted equity shares held for trading.
Administrative expenses dropped 22.3% y-o-y to $0.69 million, while sales and marketing expenses declined by 21.0% y-o-y to $0.50 million.
Meanwhile, other operating expenses were 18.3% lower y-o-y at $0.38 million and finance costs dropped 22.4% y-o-y to $0.53 million.
The group has been participating in government land tenders and en bloc sales to replenish its land bank but was unsuccessful.
Looking forward, it will continue to monitor the market closely so as to identify new property development and investment opportunities.
Shares in Sing Holdings closed at 44 cents on Thursday.
