SINGAPORE (Mar 2): Top Global reversed out of the red with earnings of $1.4 million in the 4Q ended December, compared to losses of $11.3 million in the corresponding quarter last year.
For the full year, Top Global’s losses narrowed to $1.9 million in FY17, from losses of $14.0 million a year ago.
4Q revenue surged 79% to $41.1 million, from $23.0 million a year ago.
The increase was led by higher revenue from property development due to increased sales from its Braddell project.
During the year, Top Global also saw an increase in hospitality management revenue due to higher golf and country club revenue.
As at end December, cash and cash equivalents stood at $39.7 million.
Looking ahead, the group says it will continue to capitalise on its existing land bank in Indonesia to grow its real estate developments in the Harvest City Project and the Royal Tajur Project.
Meanwhile, in Singapore, it will continue its efforts to sell its remaining units in E Maison and R Maison so as to avoid Qualifying Certificate penalties when they kick in in 2Q18.
Shares of Top Global last closed at 25 cents on Feb 22.