Developer Wing Tai Holdings has suffered a 19 per cent fall in fourth- quarter net profit to $115.9 million.
However, revenue for the three months ended June 30 rose 20 per cent to $215.9 million.
For the full year, net profit sank 41 per cent to $150.3 million as turnover fell 16 per cent to $676.7 million as demand dampened across the Singapore, Malaysian and Chinese property markets.
Earnings per share for the fourth quarter was 14.79 cents, down from 18.22 cents a year earlier. Net asset value per ordinary share, however, was $4.07 as at June 30, up from $3.78 a year earlier.
A dividend of three cents per share was declared.
AT A GLANCE
NET PROFIT: $115.9 million (-19%)
REVENUE: $215.9 million (+20%)
DIVIDEND PER SHARE: 3 cents (-50%)
In a statement, Wing Tai said that most of the current year's revenue was due to progressive sales from The Tembusu and additional units sold in Helios Residences, Le Nouvel Ardmore and Foresque Residences in Singapore and The Lakeview in China.
It also analysed the property market in the three countries where it has a presence.
In Singapore, it noted how the Urban Redevelopment Authority's property price index dropped by 0.9 per cent in 2015's second quarter, marking a seventh straight quarter of price decline. Accompanying this fall was 3,427 new residential units sold in the first half of 2015, a drop of 23.3 per cent from the same period in the previous year.
The firm expects buying sentiment for private residential property in Singapore to stay subdued.
In Malaysia, Wing Tai said buying sentiment in the property market remained cautious due to credit-tightening rules by Bank Negara.
In China, although the firm predicts that residential sales will improve due to the relaxation of home purchase restrictions in certain cities, it expects the government will still act to maintain stability in the real estate market.
Wing Tai shares closed three cents higher at $1.875 yesterday.