Bt Sembawang Q4 profit down

[mr funny]

http://www.businesstimes.com.sg/sub/...40090,00.html?

Published May 24, 2011

Bt Sembawang Q4 profit down

Q4 earnings slide 34.4% due to smaller writeback while full-year profit more than triples

By JAMIE LEE


BUKIT Sembawang Estates reported a 34.4 per cent slide in net profit for the fourth quarter despite a strong surge in sales, due to a smaller writeback this quarter compared to the same period a year ago.

The property developer said net profit for the three months ended March 31 stood at $27.5 million, compared to $41.9 million. This translates to earnings of 11.02 cents per share, down from 17.52 cents per share a year ago. Revenue for the quarter jumped more than three times to $76.6 million from $21 million the same period a year ago.

The company gave no breakdown for its sales per quarter, but said the stronger full-year revenue was thanks to a higher number of Paterson Suites sold, obtaining temporary occupation permits for Parc Mondrian and Paterson Suites, and higher profit recognition on Verdure, The Vermont on Cairnhill and Luxus Hills Phases 1, 2 and 3.

By comparison, it had only recognised profits for four projects - Parc Mondrian, Paterson Suites, Verdure and Luxus Hills Phase 1 - a year ago.

The developer posted a more than seven-time jump in revenue to $500 million for the 12 months, from $66 million in sales registered a year ago.

This yanked its full-year profit up to $171 million, a more than tripling from $53 million a year ago.

In the fiscal fourth quarter, the company registered a $13 million writeback for foreseeable losses on development projects. This was way below the $40 million writeback in the year-ago fiscal fourth quarter, which explains the drop in quarterly profit for the January-March 2011 fiscal fourth quarter.

The writebacks were due to an increase in the valuation of the Fairways development project.

The company has proposed a dividend of 12 cents per share, comprising a final dividend of four cents and a special dividend of eight cents.

Shares of the developer lost four cents to finish at $4.28 yesterday on a day when the Straits Times Index dropped 1.8 per cent amid a regional market fall.

[rattydrama]

saw one of their recent project, quality bad. i will try to avoid this developer.......personal opinion only.

[hyenergix]

I visited their Luxus Hill showflat, quality was very good. Maybe it's all for show?

[rattydrama]

I visited their Luxus Hill showflat, quality was very good. Maybe it's all for show?

i one i visited was @ rcr actual unit.