Sales of completed units from its commercial condominium project in US, Vietnam Town (pictured), contributed to SingHaiyi’s revenue in FY2017. (Image: SingHaiyi Group)
Despite an 83.6 percent drop in revenue, SingHaiyi Group saw its net attributable profit for the financial year ended 31 March 2017 increase by 6.1 percent to S$31.1 million.
For Q4 2017, net attributable profit soared to S$22.15 million from S$8.4 million during the same period last year, while revenue climbed by 0.8 percent to S$8.2 million.
In an SGX filing, SingHaiyi revealed that its revenue contribution in FY2017 mainly came from sales of completed units from Vietnam Town, which is its commercial condominium project in California, US.
It added that it has also completed the disposal of its 20 percent equity interest in Perennial Somerset Investors Pte. Ltd. for S$100 million on 31 March, representing a gain of S$30.5 million during the year.
“This year, we made a conscious decision to embark on a series of strategic corporate actions amidst challenging operating conditions, and we have again delivered a commendable set of results underscored by steady contribution from diversified revenue streams,” said Group Managing Director Celine Tang.
“As we prepare to make our transition onto the Mainboard of the SGX-ST and in view of our appreciation to our shareholders, our Board has proposed a final cash dividend of 0.3 Singapore cents per share in FY2017.”
Approved by the shareholders during its Extraordinary General Meeting on 23 May, the proposed transfer of the company’s listing from the catalyst board to the mainboard is set to take place on 26 May 2017.
Given its healthy balance sheet and good cash standing, the group plans to continue to “explore suitable land bank acquisitions, and opportunities in property development and investments to strengthen its earnings base and to enhance shareholder value”.
This article was edited by Denise Djong.
