Sim Lian Net Profit Jumps 72%

Source : The Business Times, 24 August 2007

PROPERTY and construction group Sim Lian yesterday posted a 71.6 per cent year-on-year jump in net profit for the year ended June 30, 2007, to $33.2 million, and plans to launch four projects in the current financial year. These are at Surrey Road, Lorong K Telok Kurau, Keng Lee Road and Bishan Street 22.

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Sim Lian Group's financial statement

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Consolidated corporate results table (MS Excel Format)

Revenue rose 118.2 per cent to $318.9 million. Revenue from property development increased by 152.5 per cent to $208.5 million due chiefly to contribution from the Viz at Holland, Bleu @ East Coast, The Premiere @ Tampines, and Carabelle projects. Revenue generated by the construction division rose 86.8 per cent to $95.5 million.

For the current year, Viz at Holland, The Premiere @ Tampines and Carabelle projects are expected to continue to contribute positively to performance.

Sim Lian expects construction costs to rise in line with market trends, and remains selective in tenders to ensure reasonable prices and margins.

Sim Lian declared an unchanged first and final dividend of 1.5 cents per share. In FY2006, it also paid a special dividend of 0.5 cents per share. FY2007 earnings per share rose from 3.74 cents to 6.27 cents. Net asset value per share stood at 26.57 cents as at June 30, 2007, down from 36.52 cents a year earlier.