Property developer Sim Lian Group has reported a profit of S$167.9 million for its financial year ended 30 June 2013, down 27 percent from S$230.56 million in the same period last year. Group revenue also slipped three percent to S$742.2 million, while dividend was at 4.6 cents per share.
Revenue from property development totalled S$586 million, up 1.5 percent from S$577.4 million in FY2012. This was mainly attributed to its UB One industrial development, which obtained TOP last year and was 92.5 percent sold as of 30 June 2012.
“This was offset by the increase in revenue from Waterview and Parc Vera projects due to the increase in percentage of work done during FY2013 and the sales achieved of 100 percent and 99.5 percent respectively,” the group said.
As for construction, it contributed S$128.3 million to group revenue, down 19 percent from last year due to fewer projects.
Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email firstname.lastname@example.org