Aspial Corp reports sparkling profits on the back of record revenue

The company that successfully marketed Singapore's first retirement condo has chalked up a 23 per cent rise in net earnings to $67.5 million.

Revenue of Aspial Corp, which achieved a sell-out launch in January for The Hillford, increased by 14 per cent to a record $515.3 million.

Revenue from the property business grew by 23.2 per cent to $241.8 million in FY2013. The growth was contributed by the progress recognition of sales from Urban Vista, East Village, Cardiff Residence and 8 Bassein.

The jewellery business continued to consolidate its retail stores in 2013, which led to the closure of 11 retail stores and the opening of 10 new ones, mostly in new shopping malls.

Despite fewer stores, the business saw its revenue climbed by 4.2 per cent to $170.1 million, with the increase mainly contributed by improved sales from existing retail stores.

The financial service business delivered another year of good growth, with revenue increasing by $12.6 million to $113.1 million.

This was driven by the higher interest income from its healthy pledge book and the increase in sales from the retail and trading of pre-owned gold and jewellery business.

Earnings per share climbed by 9 per cent to 4.06 cents while net asset value per share firmed to 16.82 cents compared to 13.21 cents previously.

Aspial has launched seven projects since 2011.

Two, Urban Vista and Kensington Square, were launched last year.

Its latest project, The Hillford, being the first retirement resort in Singapore, was launched in January 2014 and all 281 residential units were sold within hours.

A final dividend of two cents a share was recommended, up from 1.8 cents for 2012.

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