Friday, February 11, 2011

Bukit Sembawang posts 33-fold jump in Q3 gain

BUKIT Sembawang Estates posted a 33-fold jump in third-quarter earnings from a year ago, citing factors such as the sale of more units at its Paterson Suites development and higher profit recognition from its properties.


The residential developer said yesterday in an after-market announcement that net profit for the three months ended Dec 31, 2010 surged to $99.6 million from $3 million a year earlier. This translated to Q3 earnings per share (EPS) of 40.72 cents, up from just 1.26 cents for the previous corresponding period.


Revenue for the period rocketed to $296.7 million, more than 16 times that of $17.9 million a year earlier.


In its financial statement yesterday, the group did not directly comment on its outlook, except to say: 'The Singapore government introduced new policy measures in January 2011 to cool down the residential property market. These measures will dampen the speculative demand.'


Buoyed by the buoyant third quarter, the group reported a near 13-fold surge in net profit for the nine-month period from $11.07 million to $143 million. Revenue of $423.4 million was 9.4 times that of $44.96 million for the comparative nine months.


EPS for the April-December period is 58.74 cents, up from 4.8 cents.


Last year, Singapore-based investment fund Real Estate Capital Asia Partners reportedly paid $118 million for 20 four-bedroom apartments at Paterson Suites at an average price of $2,700 per sq ft.


The high-end, 102-unit condo located between Paterson Road and Grange Road was said to have seen 64 of its units sold by November last year, according to a report in The Straits Times.


As at end-2010, Bukit Sembawang's cash and cash equivalents stood at $203.3 million, compared with $172.3 million a year earlier.


Net asset value per share as at Dec 31, 2010 was $3.75, compared with $3.21 as at March 31 last year.


Yesterday, Bukit Sembawang's shares closed lower 1.5 per cent at $4.66.

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