SINGAPORE - Sim Lian Group's third quarter net profit has taken a 48 per cent tumble to $17.1 million.

Revenue for the three months to March 31 more than halved to $96.5 million from $195.7 million in the same period last year.

The property development division contributed $52.3 million to total group revenue, down from $158 million. The 67 per cent fall was mainly due to reduced revenue contribution from Waterview project as it has obtained its temporary occupation permit in January, partially offset by increase in revenue contribution from Parc Vera project which is at the peak of the construction cycle.

The other development projects are accounted for on a completion of construction- method.

The construction division chalked up a 14.8 per cent rise in revenue to $35.2 million, mainly due to increase in percentage of work done.

Earnings per share shrank to 1.7 cents from 3.3 cents previously while net asset value per share firmed to 91.8 cents compared to 85.4 cents as at June 30.

Looking ahead, Sim Lian expects a challenging operating environment in the private residential property market.

It said it remains committed to seeking strategic investment opportunities for its continued growth and is focused on building a stable base of recurring income to smoothen its fluctuating profits from property development division.

In February, Sim Lian announced it was acquiring five investment grade neighbourhood shopping centres in Australia.

It has completed the purchase of four of these shopping centres, which are in operation.

The purchase of the shopping centre under development at Rothwell, Queensland is expected to take place on May 30.