Tue, Nov 10, 2020 – 2:06 PM
A SURGE in revenue from sales at its Clementi condominium helped improve SingHaiyi Group’s bottom line for the April-September period.
The real estate developer’s net loss narrowed to about S$4.6 million for the six months, from a S$12.8 million net loss a year ago.
Loss per share stood at 0.109 Singapore cent for the first half of FY2021, compared with a loss per share of 0.302 cent in the year-ago period.
Revenue almost quadrupled year on year to S$50.6 million, from S$12.9 million previously, said the mainboard-listed company in results released on Tuesday.
This was mainly due to S$44.8 million in revenue recognised for the Parc Clematis condominium in Clementi.
It was partially offset by the absence of revenue recognised for the second phase of Vietnam Town of S$5.8 million. Vietnam Town is a commercial condominium project in San Jose, California, with more than 30 per cent of the 141 units sold to date, SingHaiyi said.
In Singapore, as at Oct 31, the group has sold 990 units of Parc Clematis and a total of 27 units of The Gazania and The Lilium, both of which are near Bartley MRT station.
SingHaiyi said it has recognised progressive revenue from these three residential projects, and expects this to continue for the financial year ahead.
The group’s gross profit margin shrank by 16.2 percentage points on the year, attributable mainly to the change in geographical revenue mix as more revenue from property development in Singapore with a lower profit margin was recognised in H1 FY2021.
No dividend was declared for the six months as it is not the company’s practice to distribute interim dividends.
Shares of SingHaiyi last traded at 7.1 Singapore cents on Monday.