{"id":24030,"date":"2016-08-26T12:00:48","date_gmt":"2016-08-26T05:00:48","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/sim-lian-profit-slumps-71-on-lower-development\/"},"modified":"2016-08-26T12:48:07","modified_gmt":"2016-08-26T05:48:07","slug":"sim-lian-profit-slumps-71-on-lower-development","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sim-lian-profit-slumps-71-on-lower-development\/","title":{"rendered":"Sim Lian profit slumps 71% on lower development"},"content":{"rendered":"


\nThe group expects market conditions in Singapore to remain challenging due to the property cooling measures. Source: Sim Lian Group
\nSim Lian Group, which recently announced plans to go private, has reported a 71 percent year-on-year slump in net profit to $68.8 million for the financial year ended 30 June 2016.
\nThe group\u2019s revenue during the period also fell by 52 percent to $570.9 million, from $1.193 billion previously.
\nIts property development division accounted for $86.6 million of total revenue for FY2016, down by 91 percent from the $914.3 million reported in FY2015. The group attributed the decline to lower contributions from its development property that was completed in February last year.
\nHowever, contributions from Sim Lian\u2019s construction division soared by 88 percent to $430 million, due to an increase in percentage of work done in FY2016.
\nContract costs incurred by the group declined by 52 percent to $434 million from $906.1 million previously. The drop in contract costs was in tandem with the revenue fall.
\nDuring the period under review, the group posted a foreign exchange loss of $8.2 million, due primarily to the revaluation of intercompany balances that are not denominated in the functional currency of the respective subsidiaries.
\nWith this, Sim Lian has proposed a first and final dividend of 1.5 Singapore cents, down from the 7.28 Singapore cents it declared last year.
\n\u201cWith the property cooling and loan restriction measures still in effect since June 2013, and the expected global slow growth, the group expects the operating environment for the property market to continue to be challenging,\u201d said the group in an SGX filing.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Sim Lian profit slumps 71% on lower development<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The group expects market conditions in Singapore to remain challenging due to the property cooling...<\/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-24030","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\/p75ss1-6fA","jetpack-related-posts":[{"id":64471,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sim-lian-to-build-12-storey-condo-at-tampines-site\/","url_meta":{"origin":24030,"position":0},"title":"Sim Lian to build 12-storey condo at Tampines site","date":"August 24, 2017","format":false,"excerpt":"\r \u00a0 Sim Lian intends to develop a condominium project with over 2,000 units on the Tampines Court site, which it acquired for S$970 million, reported Business Times. This makes Tampines Court the biggest collective sale since 2007, when Farrer Court was sold for S$1.3388 billion. Exceeding the initial reserve\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":76686,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/despite-lower-earnings-lian-beng-upbeat-on-property-outlook\/","url_meta":{"origin":24030,"position":1},"title":"Despite lower earnings, Lian Beng upbeat on property outlook","date":"January 15, 2018","format":false,"excerpt":"\r Singapore-listed Lian Beng Group\u2019s net profit declined by 33.7 percent year-on-year to $12.19 million during the first half ended 30 November 2017 (1H FY2018), revealed an SGX filing on Friday (12 January). Over the same period, the Grade A1 construction group\u2019s gross profit slumped 33.5 percent to $19.55 million,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22438,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sim-lian-founder-launches-cash-offer-to-privatise-developer\/","url_meta":{"origin":24030,"position":2},"title":"Sim Lian founder launches cash offer to privatise developer","date":"August 10, 2016","format":false,"excerpt":"\r Artist\u2019s impression of Wandervale EC by Sim Lian Group. An investment holding company owned by the Kuik family and led by Kuik Ah Han, Founder and Executive Chairman of Sim Lian Group (SLG), is looking to privatise and delist the property developer. In an SGX filing on Monday (8\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25287,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/coronation-3g-privatisation-offer-for-sim-lian-becomes-unconditional\/","url_meta":{"origin":24030,"position":3},"title":"Coronation 3G privatisation offer for Sim Lian becomes unconditional","date":"September 7, 2016","format":false,"excerpt":"\r Artist\u2019s impression of Wandervale EC by Sim Lian Group. Coronation 3G\u2019s voluntary conditional cash offer for all the issued ordinary shares of Sim Lian Group (SLG) has become unconditional. This comes after the total number of shares owned, controlled or agreed to be acquired by Coronation 3G and its\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23139,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pwc-appointed-ifa-to-sim-lian-privatisation\/","url_meta":{"origin":24030,"position":4},"title":"PwC appointed IFA to Sim Lian privatisation","date":"August 17, 2016","format":false,"excerpt":"\r PwC will advise the company\u2019s independent directors in relation with the voluntary conditional cash offer for the company. \u00a0 PricewaterhouseCoopers (PwC) has been appointed by Sim Lian Group (SLG) as its independent financial adviser (IFA) to advise the independent directors in relation with the voluntary conditional cash offer for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":68936,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lian-beng-group-posts-47-5-revenue-drop\/","url_meta":{"origin":24030,"position":5},"title":"Lian Beng Group posts 47.5% revenue drop","date":"October 13, 2017","format":false,"excerpt":"\r Lian Beng Group\u2019s revenue slumped by 47.5 percent year-on-year to $37.18 million in the first quarter ended 31 August 2017 primarily because of lower contributions from its construction business, revealed an SGX filing on Thursday (12 October). Consequently, gross profits and its earnings for the period fell by 33.1\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/24030"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=24030"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/24030\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=24030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=24030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=24030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}