Sim Lian Group has posted a 113 percent increase in its net profit to S$200.3 million for the full year ended 30 June 2011. The group noted that its earnings climbed from S$93.9 million last year, attributed to increased revenue from its property division.
The company’s annual revenue also climbed 12 percent to S$744.7 million, from S$662.1 million in 2010.
According to Sim Lian, revenue contribution from its property development division saw a 23 percent rise to S$594.1 million, from S$484.6 million in 2010. This was mainly due to contributions from its development projects and the adoption of the Interpretation of Financial Reporting Standard (INT FRS) 115.
With the market likely to be affected by the government’s cooling measures, it said that its construction division remains selective about tenders, to ensure that jobs are secured with sound margins and prices.
Regarding its ongoing projects, the group is set to launch a 50:50 joint venture (JV) condominium development at the corner of Punggol Central and Punggol Walk, as well as another condo project at Hougang Avenue 7.
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