SINGAPORE - Developer Sing Holdings posted on Friday (May 06) a net profit of S$20 million for the first quarter, compared with a net loss of S$949,000 a year earlier.
This was as revenue for the three months to March 31 jumped to S$220.9 million from S$6.8 million previously, mainly from the recognition of sales proceeds from its executive condominium (EC) project Waterwoods.
Earnings per share was 4.99 cents, up from a loss per share of 0.24 cent a year earlier.
Net asset value rose from 58.74 cents, as at Dec 31 to 63.68 cents as at March 31.
The group has two development properties. One is Waterwoods EC, a 70:30 joint venture between the company and Greatearth (formerly known as UE E&C), which obtained its temporary occupation permit in December 2015.
The group's other development property is private condo project Robin Residences, which was also completed in December 2015.
The group also owns 48 strata units at BizTech Centre, of which 92 per cent is tenanted.
"The group will continue to monitor the market closely so as to identify new property development and investment opportunities," it said.
"In the absence of new projects and with significantly lower revenue to be recognised from its existing development properties, the group expects to report substantially lower profit, or loss, for the next few quarters."
The counter closed unchanged at 32 cents on Friday.
The results were posted after markets closed.