Company Briefs: Bukit Sembawang Estates

Bukit Sembawang Estates

Property developer Bukit Sembawang Estates posted a 24.9 per cent decline in its third-quarter net profit to $24.3 million, on lower revenue.

The bottom line was also dragged down by the absence of a provision writeback for warranties during the quarter.

In a stock exchange filing yesterday, the developer said turnover for the three months ended Dec 31 came in at $42.6 million, a 56.9 per cent slide from a year earlier.

Net asset value per share was $4.96 as at Dec 31, unchanged from March 31. Earnings per share came in at 9.4 cents in the third quarter, down from 12.51 cents in the previous year.

On the outlook, the developer said: "The Singapore residential property market sentiment remains weak and the operating environment continues to be challenging in the current financial year."

Raffles United Holdings

The board of Raffles United Holdings issued a profit guidance for FY2015 yesterday, after a preliminary review of its second-half results.

The firm said it expects to report a net loss for the second half of the year ended Dec 31.

It attributed the poorer performance to a one-off loss on the waiver of intercompany debts, owing to the disposal of Kian Ho Guangzhou, and loss from the company during the year before disposal. Losses from its Australia subsidiary, for which the group had ceased bearings operations during the year, also weighed on its financial results.

However, Raffles United Holdings said it expects to remain profitable for the full year.

Its financial results will be released before the end of the month, the company said.

Millennium & Copthorne Hotels

Millennium & Copthorne Hotels (M&C), a unit of City Developments, yesterday announced that it expects to recognise a net charge of about £43 million (S$86 million) against its pre-tax profits for the year ended Dec 31.

The net charge includes £76 million of impairment losses relating mainly to four of M&C's properties in the operating segments of New York, Rest of Europe and Rest of Asia. However, the amount was offset by net revaluation gains of about £33 million on M&C's investment properties.

It said performance of the four hotels is being closely monitored.

M&C said its full-year results will be released next Friday.

A version of this article appeared in the print edition of The Straits Times on February 13, 2016, with the headline 'Company Briefs: Bukit Sembawang Estates'. Print Edition | Subscribe