{"id":55807,"date":"2017-05-24T10:43:42","date_gmt":"2017-05-24T03:43:42","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singhaiyi-posts-strong-fy2017-net-attributable-profit-despite-lower-revenue\/"},"modified":"2017-05-24T10:50:22","modified_gmt":"2017-05-24T03:50:22","slug":"singhaiyi-posts-strong-fy2017-net-attributable-profit-despite-lower-revenue","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singhaiyi-posts-strong-fy2017-net-attributable-profit-despite-lower-revenue\/","title":{"rendered":"SingHaiyi posts strong FY2017 net attributable profit despite lower revenue"},"content":{"rendered":"


\nSales of completed units from its commercial condominium project in US, Vietnam Town (pictured), contributed to SingHaiyi\u2019s revenue in FY2017. (Image: SingHaiyi Group)
\nDespite an 83.6 percent drop in revenue, SingHaiyi Group saw its net attributable profit for the financial year ended 31 March 2017 increase by 6.1 percent to S$31.1 million.
\nFor Q4 2017, net attributable profit soared to S$22.15 million from S$8.4 million during the same period last year, while revenue climbed by 0.8 percent to S$8.2 million.
\nIn an SGX filing, SingHaiyi revealed that its revenue contribution in FY2017 mainly came from sales of completed units from Vietnam Town, which is its commercial condominium project in California, US.
\nIt added that it has also completed the disposal of its 20 percent equity interest in Perennial Somerset Investors Pte. Ltd. for S$100 million on 31 March, representing a gain of S$30.5 million during the year.
\n\u201cThis year, we made a conscious decision to embark on a series of strategic corporate actions amidst challenging operating conditions, and we have again delivered a commendable set of results underscored by steady contribution from diversified revenue streams,\u201d said Group Managing Director Celine Tang.
\n\u201cAs we prepare to make our transition onto the Mainboard of the SGX-ST and in view of our appreciation to our shareholders, our Board has proposed a final cash dividend of 0.3 Singapore cents per share in FY2017.\u201d
\nApproved by the shareholders during its Extraordinary General Meeting on 23 May, the proposed transfer of the company\u2019s listing from the catalyst board to the mainboard is set to take place on 26 May 2017.
\nGiven its healthy balance sheet and good cash standing, the group plans to continue to \u201cexplore suitable land bank acquisitions, and opportunities in property development and investments to strengthen its earnings base and to enhance shareholder value\u201d.
\n\u00a0
\nThis article was edited by Denise Djong.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…SingHaiyi posts strong FY2017 net attributable profit despite lower revenue<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Sales of completed units from its commercial condominium project in US, Vietnam Town (pictured), contributed...<\/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-55807","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-ew7","jetpack-related-posts":[{"id":103665,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singhaiyi-reports-robust-financial-results\/","url_meta":{"origin":55807,"position":0},"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. (Photo: Google Maps) The value of SingHaiyi Group\u2019s development properties nearly doubled from $268.5 million as of 31 March to $525.8 million as at 31 December last year, according to the developer\u2019s latest financial\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":107401,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singhaiyi-net-profit-rose-47-6-in-q4\/","url_meta":{"origin":55807,"position":1},"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":112196,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singhaiyi-post-4-6m-loss-in-q2\/","url_meta":{"origin":55807,"position":2},"title":"SingHaiyi post $4.6m loss in Q2","date":"November 7, 2019","format":false,"excerpt":"\r The loss comes as the property developer witnessed poor revenue recognition at several projects as well as higher finance cost during the period under review. SingHaiyi 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":76392,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/park-west-condo-sold-en-bloc-for-840-89m\/","url_meta":{"origin":55807,"position":3},"title":"Park West condo sold en bloc for $840.89m","date":"January 12, 2018","format":false,"excerpt":"\r Third time\u2019s a charm. The owners of Park West have finally succeeded in selling the condominium via collective sale after two previous attempts which ended in failure. According to an SGX filing on Thursday (11 January), the residents accepted an $840.89 million offer from SingHaiyi Gold Pte Ltd, a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":73203,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/how-sun-park-sold-for-81-09mil\/","url_meta":{"origin":55807,"position":4},"title":"How Sun Park sold for $81.09mil","date":"November 29, 2017","format":false,"excerpt":"\r How Sun Park, a freehold three-storey development comprising 20 units, has been sold for $81.09 million to a SingHaiyi Group subsidiary, SingHaiyi Huajiang Amber Pte. Ltd. The property has a site area of around 5,104.3 sq m and a gross plot ratio of 1.4. Inclusive of an estimated development\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":56252,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ksh-holdings-fy2017-net-profit-down-33-4\/","url_meta":{"origin":55807,"position":5},"title":"KSH Holdings FY2017 net profit down 33.4%","date":"May 29, 2017","format":false,"excerpt":"\r KSH\u2019s share of profit from associated companies also posted lower, mainly due to the decreases in share of profit from Sequoia Mansion (pictured), preliminary costs on its China Gaobeidian project, impairment losses on unsold properties and decrease in sales and percentage-of-unsold properties. (Image: KSH Holding Limited) KSH Holdings Limited\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\/55807"}],"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=55807"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/55807\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=55807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=55807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=55807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}