You are here
Bukit Sembawang lowers special dividend as Q4 loss deepens 23%
BUKIT Sembawang posted a S$14.2 million loss for the fourth quarter ended March - 23 per cent deeper in the red than a year ago due to steeper operating costs, the property developer announced in a bourse filing on Thursday.
For the full year, it posted a 25 per cent drop in net profit to S$76.1 million, while revenue inched up 3 per cent to S$369.7 million.
Bukit Sembawang has proposed a special dividend payout of seven cents per share, less than half of last year’s 18 cents per share special dividend. It also proposed a final dividend of four cents per share, unchanged from a year ago.
The company's Q4 topline grew 29 per cent to S$72.6 million, driven by contributions from the following properties: 8 St Thomas, Luxus Hills Phases 8 and 9, Nim Collection Phases 1 and 2, and Watercove.
But it was saddled with higher costs for the quarter, with other operating expenses more than doubling to S$47.8 million. Its loss per share for the quarter stood at 5.49 cents, up from the 4.46 cent loss per share a year ago.
On a full-year basis, Bukit Sembawang’s other operating expenses rose by 96 per cent, mainly due to a S$44.1 million impairment loss related to Fraser Residence Orchard, and S$5.4 million in depreciation costs from that property.
Bukit Sembawang is currently planning the construction and sales launch for two projects, The Atelier and the former Katong Park Towers. It had earlier sold out its 39 units at Luxus Hills Contemporary Collection by March.
“As the uncertain global economy continues to impact Singapore’s residential market, Bukit Sembawang believes in adopting a measured approach to monitor the health of the overall economy and residential property market and calibrate the approach and timing to launch our new residential projects,” the company said in commentary accompanying its results.
Shares of Bukit Sembawang closed at S$3.94 on Thursday, up by S$0.01.