Sing Holdings issues earnings warning for Q1 results, expects loss

Property developer Sing Holdings has issued an earnings warning.

It says it expects to report a net loss in its first quarter results ending March.

In a filing to the Singapore Exchange, Sing Holdings says the loss is due to showflat and marketing expenses for its 229-unit “The Laurels” development.

According to the company, sales of 36 per cent of the units at “The Laurels” had been finalised by the end of the first quarter, amounting to some S$218 million in revenue.

However, as construction had not begun, none of the proceeds was recognised as revenue for the quarter, resulting in the net loss after expenses.

To date, the firm says it has sold 77 per cent of the “The Laurels”, garnering sales proceeds of some S$519.7 million.

Source : Channel NewsAsia – 7 May 2010

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