{"id":111606,"date":"2019-10-15T11:30:13","date_gmt":"2019-10-15T04:30:13","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/slb-reports-s1-9m-profit-for-1q-2020\/"},"modified":"2019-10-15T12:02:49","modified_gmt":"2019-10-15T05:02:49","slug":"slb-reports-s1-9m-profit-for-1q-2020","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/slb-reports-s1-9m-profit-for-1q-2020\/","title":{"rendered":"SLB reports S$1.9m profit for 1Q 2020"},"content":{"rendered":"


\nThe Group\u2019s residential projects, Affinity @ Serangoon and Riverfront Residences are seeing steady sales, with T-Space @ Tampines receiving strong reception.
\nSLB Development Ltd. (\u201cSLB\u201d and together with its subsidiaries, the \u201cGroup\u201d) posted net profit attributable to the owners of the Company of S$1.9 million riding on the back of S$7.7 million in revenue for the first financial quarter ended 31 August (1Q 2020).
\nThe revenue for 1Q 2020 is a 68.1 percent decrease from the same period last year (1Q 2019), mainly because of an absence of revenue contirbution from T-Space @ Tampines.
\nOther operating income grew by S$1.4 million to S$1.6 million in 1Q 2020 mainly because of interest income from loans to associates, according to SLB\u2019s news release.
\nMeanwhile, share of losses of joint ventures and associates was valued at S$0.3 million in 1Q 2020 from S$4.1 million in 1Q 2019 because of marketing and costs for show flats incurred for Riverfront Residences and Affinity @ Serangoon that have yet to make revenue contribution. Another reason is the effect of expensing borrowing costs for the projects as the units were ready for the intended sale.
\nThe Group also reported a net profit attributable to shareholders amounting to S$1.9 million in 1Q 2020, compared to a S$4.1 million net loss in 1Q 2019. It also has cash and cash equivalents amounting to S$51.8 million and a low net gearing of 0.2 times.
\nFully diluted earnings per share was 0.20 Singapore cent for 1Q 2020 compared to a loss per share of 0.45 Singapore cent last year.
\nNet asset value per share grew to 16.46 Singapore cents as at 31 August 2019 in contras with 16.29 Singapore cents as at 31 May 2019.
\nFollowing shareholders\u2019 approval during an extraordinary general meeting held on 26 September 2019 to diversify the business into fund management, the Group invested for the first time into a UK residential fund, Pinnacle Residential Fund (the \u201cFund\u201d).
\nThrough its subsidiary, SLB Starcap Pte Ltd, the Group has invested \u00a32 million (S$3.4 million) into the Fund that will focus on UK\u2019s Private Rented Sector (\u201cPRS\u201d). By 2025, the UK PRS is expected to reach \u00a375 billion. (S$129.5 billion).
\nMeanwhile, the Group\u2019s residential projects, Affinity @ Serangoon and Riverfront Residences are seeing steady sales, with T-Space @ Tampines receiving strong reception.
\nIt has also sold its 50 Lorong 21 Geylang site for S$13.5 million, which is expected to have a positive contribution to the Group\u2019s performance in 2Q 2020.
\n\u201cWhile we continue to seek growth for our core property development business \u2013 which has been executing ongoing projects that have been selling well \u2013 we recognise the need to diversify our income streams,\u201d said Matthew Ong, SLB executive director and CEO.
\n\u201cThe fund management business is expected to facilitate our business development goals by enhancing our network of contacts and providing access to new groups of prospective clients and potential partners.\u201d
\nHome buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…SLB reports S.9m profit for 1Q 2020<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Group\u2019s residential projects, Affinity @ Serangoon and Riverfront Residences are seeing steady sales, with...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-111606","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-t26","jetpack-related-posts":[{"id":78579,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/revenue-up-at-dr-horton-in-1q-but-tax-weighs-on-bottom-line\/","url_meta":{"origin":111606,"position":0},"title":"Revenue up at DR Horton in 1Q, but tax weighs on bottom line","date":"January 31, 2018","format":false,"excerpt":"\r Company lifts pre-tax profit margin guidance\r \r Source : ft.com\r Read more...Revenue up at DR Horton in 1Q, but tax weighs on bottom line","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":85062,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lian-beng-unit-gunning-for-catalist-listing\/","url_meta":{"origin":111606,"position":1},"title":"Lian Beng unit gunning for Catalist listing","date":"April 12, 2018","format":false,"excerpt":"\r Artist\u2019s impression of KAP & KAP Residences, a mixed-use project by SLB Development. 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