SingHaiyi Group’s revenue for 3QFY2015 ended Dec 31 plunged 69.4% to $4.1 million, with net profit falling 36.7% to $2.5 million. The decline in sales was due mainly to the absence of property development income, while higher finance charges affected its bottom line. The company expects the residential property market in Singapore to be subdued.

This article appeared in the City & Country of Issue 664 (Feb 16) of The Edge Singapore.