Sim Lian Group reports 27% drop in earnings due to higher costs, lower revenue
Developer Sim Lian Group has posted a 27 per cent drop in full year net profit to $166.9 million.
Revenue for the year ended June 30 dipped by 3 per cent to $742.2 million.
Pretax profit fell by 29 per cent to $194.8 million, mainly due to increased contract costs of $69.9 million while revenue reduced by $22 million. This was offset by a higher share of results of joint ventures.
Revenue from property development division contributed $586 million to group revenue, a slight increase of 1.5 per cent, mainly due to reduced revenue contribution from the group's industrial development, UB.One which obtained temporary occupation permit last year and was 92.5 per cent sold as at June 30, 2012.