Property developer Sim Lian Group has posted a profit before income tax of S$43.5 million in the second quarter of the fiscal year 2012, down 29 percent from the S$60.9 million recorded over the same period last year.
This was attributed to a decline in revenue of S$33.1 million, underpinned by a decrease in contract costs of S$22.9 million. Meanwhile, revenue from property development fell 25 percent to S$81.4 million, driven by lower contributions from development projects which obtained their Temporary Occupation Permit (TOP) in the previous quarter.
Revenue from external projects also slipped 14 percent to S$39.2 million from S$45.5 million over the same period last year. Sim Lian said the decline was because most of their new projects are in the early stages of construction.
However, the company’s overall performance remains strong, with year-to-date earnings climbing 118 percent to S$137.82 million, from S$63.15 million a year ago.
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