SINGAPORE (May 7): World Class Global saw its earnings plunge 82% to $0.3 million for the 1Q ended March, from $1.9 million a year ago.
This was mainly due to a foreign exchange loss of $3.7 million in 1Q18 on the back of the weakening of the Australian dollar against the Singapore dollar, compare to a foreign exchange gain of $4.1 million a year ago.
WCG recorded a profit before tax of $1.7 million in 1Q18. Excluding net foreign exchange loss/gain, the group would have recorded profit before tax of $5.4 million and loss before tax of $2.1 million in 1Q18 and 1Q17, respectively.
The group posted revenue of $80.7 million in 1Q18, following the settlement and handover of 151 completed residential unit of AVANT.
As at end March, cash and cash equivalents stood at $122.0 million.
WCG says it has locked in more than $1.1 billion of sales revenue, which has yet to be recognised as at May 7, 2018.
The group expects to receive more than $620 million of sales proceeds in the rest of 2018 when these completed development units are handed over to the purchasers.
WCG adds that it will continue with the sale of Nova City project and intends to launch Albert Street project in Brisbane, Australia, in the next 12 months.
It has also completed the refurbishment, upgrading and building works of 15 properties in Penang, Malaysia, and will continue the enhancement works on some of the remaining properties.
Shares of World Class Global last closed at 21 cents on May 3.