SLB Development H1 net profit stable year on year at S$5.54m

CATALIST-LISTED SLB Development's earnings held steady in the first half-year on profit contributions from its associates, according to unaudited results on Thursday.

Net profit ticked up by 0.9 per cent year on year, to S$5.54 million for the six months to Nov 30, 2020, even as revenue slipped 4.9 per cent to S$19.0 million on a slowdown in construction work amid Covid-19 safe management measures at project sites.

The bottom line was buoyed by the share of results from joint ventures and associates, which came to S$1.54 million, reversing the loss of S$592,000 previously.

The improvement came as Development profits were recognised from Affinity @ Serangoon, Riverfront Residences and Rezi24, where more units were sold, SLB said.

Still, it warned in its outlook statement that it expects possible completion delays for some of its developments, although it did not name them.

Earnings per share stood at 0.61 Singapore cent, against 0.60 Singapore cent previously. Net asset value was 17.92 Singapore cents a share, compared with 17.33 Singapore cents on May 31, 2020.

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No dividend was recommended, unchanged from the year before. SLB said it hopes to retain funds for working capital needs and to enable potential investments.

It shares closed flat at S$0.11 on Thursday, before the results were released.