SINGAPORE (Nov 10): Bukit Sembawang Estates announced that 2Q18 earnings dropped 54% to $17.2 million from $37.3 million in 2Q17.

Revenue fell 56.2% to $31.9 million compared to $72.9 million a year ago.

Similarly, cost of sales dropped 55% to $11.9 million from $26.4 million the previous year, mainly due to lower sales and lower profit recognition on development projects

This brought gross profit to $20.1 million, 56.9% lower than $46.5 million last year.

In 2Q18, profits were recognised to Skyline Residences and Watercove, while profits for Luxus Hills Phase 6 and 7 and Skyline Residences were recognised in the same period last year.

As at Sept 30, the group’s cash and cash equivalents stood at $236.4 million

In the outlook, the group is closely monitoring the changing dynamics of the residential property market.

This story, written by Samantha Chiew, first appeared on The Edge Singapore.