SingHaiyi Group's earnings nearly halved to $8.4 million in the fourth quarter ended March 31, 2016, from $15.8 million a year ago.
Its gross profit margin narrowed 14.4 percentage points from a year earlier, owing to the change in revenue mix as more revenue from property development with a lower profit margin was recognised.
Revenue, however, surged 63.8% to $8.1 million from $5 million previously, mainly due to contribution from the company's DBSS project, Pasir Ris One and sales of completed units from Vietnam Town, a project in the US.
The property company proposed a final dividend of 0.2 cent per share.
Given the current economic and property market conditions, SingHaiyi expects to face headwinds here in the year ahead, as it foresees demand in the local residential property market to be dampened by weak market sentiment and rising interest rates.
However, the company reckons the US real estate market will be "reasonably stable".
Shares of SingHaiyi ended higher at 11.8 cents on Thursday.
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Its gross profit margin narrowed 14.4 percentage points from a year earlier, owing to the change in revenue mix as more revenue from property development with a lower profit margin was recognised.
Revenue, however, surged 63.8% to $8.1 million from $5 million previously, mainly due to contribution from the company's DBSS project, Pasir Ris One and sales of completed units from Vietnam Town, a project in the US.
The property company proposed a final dividend of 0.2 cent per share.
Given the current economic and property market conditions, SingHaiyi expects to face headwinds here in the year ahead, as it foresees demand in the local residential property market to be dampened by weak market sentiment and rising interest rates.
However, the company reckons the US real estate market will be "reasonably stable".
Shares of SingHaiyi ended higher at 11.8 cents on Thursday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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