Source : The Business Times, November 13, 2007
BUKIT Sembawang Estates yesterday reported a 44.6 per cent year-on-year increase in second-quarter group net profit to $8.4 million. The property developer said that profit for the current financial year ending March 31, 2008, is likely to be higher than the preceding year because of a one-time $46.5 million capital gain from the sale of about 2.29 million shares in HSBC Holding Plc. The share sale, announced on Oct 10, was to reduce the group's bank borrowings.
The property developer disclosed that on Oct 31 the Strata Titles Board had dismissed on a technicality the application from the majority owners of Airview Towers for a collective sale. However, the majority owners are planning to appeal, Bukit Sembawang said in its results statement. The jump in net earnings for Q2 ended Sept 30, 2007, was on the back of a 36.2 per cent increase in revenue to $21.7 million. For the first half, group net earnings rose 67.6 per cent over the same period last year to $18.95 million, with revenue increasing 60.9 per cent to $46 million.
Bukit Sembawang said first-half earnings consist of the recognition of revenue, based on percentage of completion method, for the housing units sold at Straits Gardens, Mimosa Terrace Phases 2, 4 and 6, Parc Mondrian and Paterson Suites.
Earnings per share for Q2 increased to 8.82 cents from 6.36 cents in the same year-ago period. Net asset value per share stood at $4.56 as at Sept 30, down eight cents from six months earlier. Bukit Sembawang will pay shareholders a five cent per share interim tax-exempt cash dividend. On the stock market yesterday, the counter ended 30 cents lower at $10.90.
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