24 May '17, 4am

SingHaiyi posts strong FY2017 net attributable profit despite lower revenue

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...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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