Higher profit recognition on projects lifts Bukit Sembawang's Q1 profit by 78%

Artist's impression of Luxus Hill. Bukit Sembawang Estates today said its first quarter net profit rose by 77.7 per cent to $49.2 million, thanks to higher profit recognition on projects under construction.  -- FILE PHOTO: BUKIT SEMBAW
Artist's impression of Luxus Hill. Bukit Sembawang Estates today said its first quarter net profit rose by 77.7 per cent to $49.2 million, thanks to higher profit recognition on projects under construction.  -- FILE PHOTO: BUKIT SEMBAWANG ESTATE LIMITED

Bukit Sembawang Estates today said its first quarter net profit rose by 77.7 per cent to $49.2 million, thanks to higher profit recognition on projects under construction.

Revenue for the three months to June 30 climbed by 53.7 per cent to $161.7 million.

The company said its residential project, Luxus Hills Phase 6, has not been launched. The deferral of the launch has no impact on its results.

Earnings per share increased to 19 cents from 10.69 cents previously while net asset value per share firmed to $4.67 compared to $4.48 as at March 31.

Luxus Hills Phase 4 is targeted to be completed in the last quarter of this year and the construction for the several development projects continues to make good progress.

The group plans to launch Luxus Hills Phase 6 later this year.