SingHaiyi reports 48% rise in 4Q earnings to $9.7 mil on higher margins from US development

By PC Lee / The Edge Singapore | May 23, 2019 2:00 PM SGT
SINGAPORE (May 22): Property developer SingHaiyi Group reported a 47.6% rise in 4Q19 earnings to $9.7 million from a year ago, bringing FY19 earnings to $22.6 million, 20.3% lower than a year ago.
4Q19 revenue declined 67.6% to $9.8 million from a year ago mainly due to the decrease in revenue recognised for the group’s completed Executive Condominium project, The Vales, and the group’s completed private condominium, City Suites.
The lower topline was partially offset by the sales of the group’s completed commercial condominium project in the United States – Vietnam Town Phase II, which recorded a $5.8 million revenue.
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