Sim Lian Group posted a four-percent drop in its revenue for financial year ended 30 June 2014 (FY 2014), registering $714.7 million compared to $742.2 million a year ago.
The Group recorded a profit before income tax of $200.1 million, three percent higher than the $194.8 million recorded in FY2013, due to reduced contract costs and higher share of results of joint ventures, offset by change in fair value of investment properties.
Its property development division contributed $506.7 million to the group’s revenue in FY 2014, compared to $586 million in FY2013.
The decrease of 14 percent is mainly due to reduced revenue contribution from Waterview and several completed property development projects. However, it is partially offset by increase in revenue contribution from Centrale 8 At Tampines (pictured) which is accounted for on completion of contract method, and Parc Vera project which is at the peak of the construction cycle.
“Sim Lian Group’s long-term business approach to provide sustainable value for shareholders and all other stakeholders remains a key priority as the group looks to further expand their property and investment portfolio locally and overseas,” it said in a statement.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
