Mainboard-listed developer SC Global has recorded a 56 percent drop in Q4 revenue to S$88.7 million, from S$200.6 million over the same period last year, attributed to lower revenue contributions from its development projects, including Martin No. 38 and Seven Palms (pictured).
Gross profit during the quarter also dropped 72 percent to S$25.3 million, while gross margin was 29 percent lower compared to 44 percent seen in Q4 last year.
The company’s total operating costs, including administrative expenses, climbed to $48.6 million from $13.7 million over the same period last year. This was mainly attributed to higher maintenance and service charges, and higher sales and promotion expenses.
In terms of full-year results, group revenue rose three percent to S$769.1 million, compared with S$743.2 million in 2010, fuelled by new sales of units and higher revenue recognition from its development projects in Singapore.
The attainment of Temporary Occupancy Permit (TOP) for Hilltops, Martin No. 38 and The Marq on Paterson Hill also contributed to the increase in revenue last financial year.
Meanwhile, the company’s gross profit climbed 24 percent to S$294.0 million while gross margin improved to 38 percent.
Chip Eng Seng suffers 58% decline in revenue
OUE records healthy 2011 results
Wheelock’s Q4 revenue down 55.9%