Bukit Sembawang swings to fiscal 4Q loss after tax amid higher expenses

Singapore two-dollar bills

Property developer Bukit Sembawang reported Monday it swung to a fiscal fourth quarter loss after tax of S$11.55 million, from a year-earlier S$21.96 million profit after tax, amid higher expenses and an impairment loss.

Revenue for the quarter ended 31 March rose 72 percent on-year to S$56.48 million, the company said in a filing to SGX after the market close.

Cost of sales surged 560 percent on-year in the quarter to S$34.02 million, the filing said.

Administrative expenses rose 84 percent on-year in the fourth quarter to S$2.05 million on higher professional charges and higher salaries due to increased staff and pre-opening expenses of the serviced apartment, the filing said.

Other operating expenses jumped 1,419 percent on-year to S$22.03 million in the quarter on an impairment loss on property, plant and equipment related to Fraser Residence Orchard and allowance for foreseeable losses related to Makeway View, Bukit Sembawang said.

Net finance costs were S$4.67 million in the quarter, compared with net finance income of S$429,000 in the year-ago period, due to interest paid for financing the purchase of Katong Park Towers and Makeway View, the filing said.

For the full fiscal year, Bukit Sembawang reported a profit after tax of S$101.29 million, doubling on-year, on revenue of S$357.86 million, up 265 percent on-year.

The developer proposed a dividend of 4 Singapore cents, unchanged on-year, and a special dividend of 18 Singapore cents, compared with a year-earlier special dividend of 14 Singapore cents.

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