Published May 24, 2008

Bukit Sembawang profit soars to $74.87m


BUKIT Sembawang Estates has recorded a net profit of $74.87 million for the year ended March 31, up 124 per cent over $33.42 million a year ago.

Turnover for the property developer came to $75.6 million, up 30.4 per cent over $57.97 million previously.

The substantial increase in profit for the year ended March 31, compared with the previous year, was due mainly to a one-time capital gain of $46.7 million from the sale of shares.

The company has recommended a final dividend of seven cents per ordinary share. The proposed dividend, if approved by the shareholders, will be paid on Aug 7.

Bukit Sembawang's net profit for the fourth quarter, meanwhile, came to $3.5 million, down 77.6 per cent from $15.7 million a year ago.

Q4 turnover was down 25 per cent at $11.89 million from $15.86 million previously.

The company's development profit for Q4 and the year ended March 31 consists of the recognition of revenue (based on percentage of completion method) for the housing units sold at Mimosa Terrace Phase 4 and Phase 6, Parc Mondrian and Paterson Suites.

Looking ahead, it expects profit for the current year to be lower, given that the current sentiment in the residential property market remains cautious.

Yesterday, Bukit Sembawang shares closed unchanged at $9.30.