SUTL Enterprise Q4 profit down 17% on higher expenses
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Higher overall expenses were incurred mainly because of increased spending in relation to the hosting of the Singapore Yacht Show 2018 at the ONE°15 Marina Sentosa Cove (pictured), and other projects.
PHOTO: ONE°15 MARINA CLUB
SINGAPORE - Marina developer SUTL Enterprise Limited saw a fourth-quarter net profit of $3.6 million for the three months ended Dec 31, 2018, down 17 per cent from a restated net profit of $4.4 million the year prior, on higher overall expenses.
Earnings per share dropped to 4.20 cents per share, down from 5.09 cents the year before, the company said in a regulatory filing on Thursday (Feb 21).
A dividend of two cents per ordinary share has been proposed for the full financial year 2018, subject to shareholders' approval, unchanged from last year. The dividend also represents about 30 per cent of net attributable profit for the financial year, SUTL added.
Total income for the fourth quarter was at $11.4 million, increasing 1 per cent from a $11.3 million the year before.
For the full year, the group recorded $5.8 million in net profit, down 14 per cent from a restated $6.8 million the year before. Earnings per share dipped to 6.71 cents, from 7.81 cents the year before.
Total income for the full year was at $34.8 million, up 2 per cent from $34.0 million the year before.
Net asset value per share for the group as at Dec 31, 2018 was 66.32 cents, up from 61.60 cents the year before.
Higher overall expenses were incurred mainly because of increased spending in relation to the hosting of the Singapore Yacht Show 2018 at the ONE°15 Marina Sentosa Cove, manpower expenses in preparation for the upcoming membership sales drive for the ONE°15 Marina Puteri Harbour, Malaysia and higher professional fees and business development costs in relation to new marina projects, the company said.
SUTL Enterprise executive director and CEO Arthur Tay said the company expects to break ground for ONE°15 Marina Puteri Harbour, Malaysia, "very soon". It is establishing a sales gallery near the site and plans to start membership sales shortly.
"At the same time, we are actively pursuing marina management contracts around the world so as to fulfil our vision to plant our ONE°15 brand globally. We expect to secure more marinas in FY2019 either via management contracts or through joint ventures, acquisitions and strategic alliances," Mr Tay added.
