{"id":112196,"date":"2019-11-07T11:31:39","date_gmt":"2019-11-07T04:31:39","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singhaiyi-post-4-6m-loss-in-q2\/"},"modified":"2019-11-07T12:10:29","modified_gmt":"2019-11-07T05:10:29","slug":"singhaiyi-post-4-6m-loss-in-q2","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singhaiyi-post-4-6m-loss-in-q2\/","title":{"rendered":"SingHaiyi post $4.6m loss in Q2"},"content":{"rendered":"


\nThe loss comes as the property developer witnessed poor revenue recognition at several projects as well as higher finance cost during the period under review.
\nSingHaiyi Group registered a net loss of $4.6 million for the second quarter ended 30 September, from a net profit of $7.7 million over the same period last year.
\nThe loss comes as the property developer witnessed poor revenue recognition at several projects as well as higher finance cost during the period under review.
\nIn Q2 of fiscal 2020, revenue fell 63.7% to $8.8 million, from $24.2 million a year ago. The lower revenue was mainly attributed to a drop in revenue recognition at Vietnam Town phase two and City Suites, reported Business Times.
\nIn view of the decline in property development income, cost of sales fell by $11 million year-on-year.
\nProperty development income dropped 68.7% to $6.9 million from $22 million previously. Rental income and management fee income both dipped by 6.4% to $1.5 million and $383,000, respectively in Q2.
\nMeanwhile, the property developer saw its finance cost for the quarter rose by more than seven times to $9.9 million from the previous year\u2019s $1.3 million, mainly due to increased bank borrowings.
\nWith this, loss per share (LPS) for the quarter stood at 0.109 Singapore cent versus the 0.179 cent earnings per share (EPS) last year.
\nFor the half year ended 30 September, net loss stood at $12.8 million as revenue plunged 74.3% to $12.9 million.
\nREVEALED:\u00a0The 5 Most In-Demand New Launch Condos In Q3 2019
\nWith property development income dropping 80.3% to $9 million, cost of sales also fell by $32.1 million from the previous year.
\nSingHaiyi also saw its rental income and management fee income decline by 13.9% and 3.3% to $3.1 million and $786,000, respectively.
\nWith this, first half LPS stood at 0.302 Singapore cent versus the 0.208 cent EPS recorded over the same period last year.
\nLooking ahead, the group will remain \u201ccautiously optimistic\u201d, while focusing on driving sales as well as ensuring the smooth execution of its three recently launched properties within Singapore (The Gazania, The Lilium, and Parc Clematis).\u00a0
\nTogether with its property development projects in the US, SingHaiyi shared that it has a robust pipeline of projects that extend up to 2024, and which it expects to contribute to the group\u2019s profitability.
\n\u201cThe group will continue to remain selective and prudently explore for fairly valued-land plots with good location and pursue suitable growth opportunities through yield-accretive acquisitions,\u201d it said.
\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…SingHaiyi post .6m loss in Q2<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The loss comes as the property developer witnessed poor revenue recognition at several projects as...<\/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-112196","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-tbC","jetpack-related-posts":[{"id":107401,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singhaiyi-net-profit-rose-47-6-in-q4\/","url_meta":{"origin":112196,"position":0},"title":"SingHaiyi net profit rose 47.6% in Q4","date":"May 23, 2019","format":false,"excerpt":"\r The real estate group\u2019s board has proposed a final dividend of 0.15 Singapore cent per share, subject to shareholders\u2019 approval at an upcoming annual general meeting.\u00a0 SingHaiyi saw its net profit jump 47.6 percent to $9.7 million for the three months ended 31 March 2019 (Q4 FY2019). Revenue, however,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":103665,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singhaiyi-reports-robust-financial-results\/","url_meta":{"origin":112196,"position":1},"title":"SingHaiyi reports robust financial results","date":"February 4, 2019","format":false,"excerpt":"\r The Group acquired the Sun Rosier condominium off Bartley Road for $271 million in 2017. 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