Sim Lian’s FY profit down 12% on-year to S$38.7m

Mainboard-listed property firm Sim Lian Group said its full year net profit fell 12 per cent to S$38.7 million from a year earlier.

The drop in profit was mainly a result of allowances for a foreseeable loss in a development project and a decline in fair values of investment properties.

Revenue for the financial year ended June rose 48 per cent to S$575.5 million, mainly due to higher revenue from its property development and construction divisions.

Sim Lian said while the global economic situation remains uncertain, it is encouraged by the recent signs of improvement in the local residential market.

It expects its development projects to contribute positively to its performance for the 2010 financial year.

The company plans to launch an industrial project at Ubi Avenue in the coming financial year.

Source : Channel NewsAsia – 27 Aug 2009

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