http://www.businesstimes.com.sg/prem...t-194-20130529

Published May 29, 2013

Bukit Sembawang Q4 profit up 19.4%

By Kalpana Rashiwala


PROPERTY group Bukit Sembawang, which released its fourth quarter and full-year results yesterday, said it expects residential property market conditions to be challenging in the year ahead.

"Successive cooling measures introduced by the Singapore government have dampened buying sentiments in the residential property market," it said. However, demand for landed houses is expected to remain steady due to limited supply, it added.

For the fourth quarter ended March 31, 2013, the group posted a 19.4 per cent year-on-year increase in net profit to $25.7 million. Revenue fell 9.6 per cent to $46 million.

For the year ended March 31, 2013, net earnings slipped 37.3 per cent to $114.6 million. Revenue declined 9.2 per cent to $354.7 million.

The drop in full-year net profit was due to lower profit recognition as well as the absence of two items which had boosted the previous financial year's bottom line - a one-off gain on disposal of available-for-sale financial assets of $37.4 million and a writeback of foreseeable losses on the Skyline Residences project amounting to $17 million.

The group has recommended a final dividend of 4 cents per share and a special dividend of 11 cents per share for FY2013. For the previous year, the dividends were 4 cents and 14 cents respectively.

Earnings per share rose from 8.32 cents in Q4 FY2012 to 9.93 cents in Q4 FY2013. However, on a full-year basis, EPS declined from 70.64 cents in FY2012 to 44.28 cents in FY2013.

The group's net asset value per share stood at $4.48 at March 31, 2013, up from $4.22 a year earlier.

The counter closed 1 cent lower at $6.94 yesterday. Bukit Sembawang released its results after the stockmarket close.

The group said Luxus Hills Phase 4 (36 units) is expected to be completed in Q4 2013 and there are several projects in various stages of construction.

Bukit Sembawang noted that Urban Redevelopment Authority's price index for private homes rose at a slower clip of 0.6 per cent in the first quarter of this year over the preceding quarter, compared with the 1.8 per cent increase in Q4 2012.