>

>

Top Global’s 3Q losses widen to $1.5 mil on currency translation losses

By Michelle Zhu

/ The Edge Singapore |

November 13, 2017 10:47 AM SGT

Join our Telegram channel and follow our Facebook for the latest update.

SINGAPORE (Nov 10): Top Global, the property developer and hospitality and facility manager, has announced a loss of $1.5 million for 3Q17 compared to its loss of $0.1 million in the same period a year ago, due to other losses incurred over the quarter on forex losses.

Revenue grew 27% to $51.6 million from $40.5 million in the previous year on higher contributions from its Property Development and Hospitality segments due to the bulks sale of dual-key units in the Braddell project, and the consolidation of 5Footway Founders and its subsidiaries, respectively.

However, due lower average selling prices of larger units sold in the Braddell project, gross profit for 3Q decreased 12% to $7.1 million from $8 million a year ago, and gross profit margin fell accordingly.

Distribution and marketing expenses increased by $0.9 million mainly due to increased sales commission.

Notably, Top Global recognised other comprehensive losses for $4.8 million over the quarter as compared to other comprehensive income of $6.1 million in 3Q16, mainly due to currency translation losses of $5 million on the consolidation of its Indonesian subsidiaries as the SGD strengthened against the IDR.

The group observes improving private residential property sentiment in Singapore, as well as a stable residential property market in Indonesia with signs of recovery, although consumer purchasing power continues to remain a concern.

It adds that it will continue to explore into potential collaborations which would expedite its residential and industrial developments at Rancamaya, Royal Tajur, Harvest City and Royal Balaraja.

This story, written by Michelle Zhu, first appeared on The Edge Singapore.

Tags:

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Sapphire Windows’ Liews: Beyond providing a room with a view

2

Keeping cool in an east-west-facing house with modern glass windows

3

Far East Shopping Centre’s $908 mil en bloc deal aborted

4

Luxury living in the new heart of Bukit Timah

5

World’s largest Mercure Hotel opens on Club Street

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00