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Sim Lian Group reports 48% drop in Q3 earnings

Published on May 14, 2014 9:38 PM

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.

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