SINGAPORE - Property developer Bukit Sembawang Estates has reported a 62.1 per cent year-on-year drop in fourth quarter net profit to $6.9 million, on the back of a 24.9 per cent fall in revenue to $67.3 million.

This led to a full year net profit of $92.7 million, down 16.6 per cent from a year ago, while revenue declined 6.3 per cent to $382.7 million in the 12 months to March 31.

The lower earnings in the year was due to lower profit recognition on development projects, Bukit Sembawang said.

Earnings per share was down 62.2 per cent at 2.66 cents for the fourth quarter, and 16.6 per cent lower at 35.82 cents for the full year. Net asset value was $4.96 per share at the end of the financial year, up 4.2 per cent from the year before.

The board recommended a final dividend of four cents per share and a special dividend of 29 cents per share for the year.

The company warned that upcoming year will remain challenging.

"With the cumulative effects of the government property cooling measures and rising interest cost, the demand and buying sentiments for residential property will remain subdued. The prospects for the group's sales performance for the forthcoming year shall therefore be challenging."