Bukit Sembawang Estates said net profit for its fiscal first quarter fell 84 per cent on-year to S$1.4 million.
Revenue dropped 72 per cent to S$6.4 million.
The property developer said the decline was mainly due to lower development revenue recognised on its Paterson Suites condominium.
The firm noted that there has been a recent pick-up in the property sector, but said it remains cautious during this expansionary period and will continue to closely monitor the trend.
Bukit Sembawang has launched two projects this year, The Verdure and Luxus Hills Phase 1.
The firm said revenue and profit from these two projects will be recognised progressively when construction commences.
Parc Mondrian and Paterson Suites will be completed in the next financial year.
Source : Channel NewsAsia – 12 Aug 2009