>

Bukit Sembawang Estates 2Q earnings dropped 54% to $17.2 mil on lower revenue

By Samantha Chiew

/ The Edge Singapore |

November 13, 2017 10:20 AM SGT

SINGAPORE (Nov 10): Bukit Sembawang Estates announced that 2Q18 earnings dropped 54% to $17.2 million from $37.3 million in 2Q17.

Revenue fell 56.2% to $31.9 million compared to $72.9 million a year ago.

Similarly, cost of sales dropped 55% to $11.9 million from $26.4 million the previous year, mainly due to lower sales and lower profit recognition on development projects

This brought gross profit to $20.1 million, 56.9% lower than $46.5 million last year.

In 2Q18, profits were recognised to Skyline Residences and Watercove, while profits for Luxus Hills Phase 6 and 7 and Skyline Residences were recognised in the same period last year.

As at Sept 30, the group’s cash and cash equivalents stood at $236.4 million

In the outlook, the group is closely monitoring the changing dynamics of the residential property market.

This story, written by Samantha Chiew, first appeared on The Edge Singapore.

Tags:

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Emerald of Katong hits 99% sales at launch, averaging $2,621 psf

2

Kingsford sells 76% of Chuan Park units at an average price of $2,579 psf

3

Is it a Good Deal?: $1.03 million for a four-room HDB flat in District 10

4

Sim Lian Group’s Emerald of Katong: Will it be another top-seller?

5

CDL sells 20% of Union Square Residences at an average price of $3,200 psf

Our Site

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.