Singapore-listed SingHaiyi Group Ltd reported a net profit (after tax and minority interests) of $1.9 million and $2.9 million for Q2 2015 and H1 2015 ended 30 September 2014.
This was on the back of revenues of $5.9 million and $11.8 million for the same periods respectively.
The group’s revenue for Q2 2014 stood at $13.1 million, and H1 2014 was $22.8 million.
In a statement, SingHaiyi said the lower revenue year-on-year was largely due to the absence of property development income contribution from Singapore during the current reporting period, compared to last year which comprised contributions from Charlton Residences on a percentage-of-completion basis.
In February 2014, the group successfully tendered for an Executive Condominium (EC) project in Anchorvale Crescent (pictured). The project is expected to be launched in 2016 and is slated for completion in 2018.
Moving forward, the group is taking a more cautious and prudent stance for new property development projects, in view of the current property market conditions in Singapore.
SingHaiyi Group Managing Director Serena Chen said, “We recognise that the property market in Singapore is expected to remain under pressure while the government’s cooling measures are in place. The recovery in the US reinforces our strategy to venture into the US market which provides a hedge to the property market in Singapore.
The group will continue to look for unique investment opportunities to further increase and diversify earnings contributions.
Image source: SingHaiyi’s website
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories emailmuneerah@propertyguru.com.sg
