Sim Lian posts full-year PBT of $129.4m

Property developer and builder Sim Lian Group has recorded a full-year profit before income tax of $129.4 million in FY2010, 141% higher than the $53.6 million recorded in FY2009.

Revenue from property development division contributed $582.1 million to the group’s revenue in FY2010 compared to $394.9 million in FY2009, an increase of 47.4%. The increase in revenue from property development division was mainly due to percentage recognition of revenue from the following projects: Clover By The Park, Parc Lumiere, The Lincoln Residences and Rochelle At Newton.

This increase was partially offset by the decrease in revenue contribution from the projects The Premiere @ Tampines and Carabelle, which obtained TOP in December 2008 and July 2009 respectively.

Revenue from external projects from the construction division contributed $153.7 million to the group’s revenue, a marginal decrease of 3.3% from the $158.9 million in FY2009.

Other operating income decreased by 73% from $4.0 million in FY2009 to $1.1 million in FY2010 mainly due to the one-off disposal of a leasehold property by a subsidiary in FY2009 which resulted in a gain on disposal of $1.9 million and lower forfeiture income.

Source : The Edge – 25 Aug 2010

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