Bukit Sembawang's 3Q earnings treble to $54 mil on higher revenue

By Michelle Zhu / The Edge Singapore | February 15, 2019 1:06 PM SGT
SINGAPORE (Feb 14): Property developer Bukit Sembawang Estates posted $54 million in earnings for the 3Q ended Dec 2018, up more than threefold from its restated 3Q18 earnings of $15.8 million due to a sevenfold y-o-y surge in revenue.
Revenue for the quarter grew 598% to $122.3 million compared to $17.5 million a year ago, mainly due to higher sales recognition from more development projects, namely 8 St Thomas, Nim Collection phases 1 and 2, and Watercove.
In line with the higher revenue, cost of sales grew to $64.4 million from $2.9 million in 3Q18.
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