PROPERTY developer Bukit Sembawang reported a 149 per cent surge in earnings to S$62.9 million for the first half of FY2025 ended Sep 30, from S$25.2 million the previous year.
In a bourse filing on Tuesday (Nov 12), Bukit Sembawang posted a 23 per cent rise in H1 FY2025 revenue to S$324 million, from S$264.3 million in H1 FY2024.
Gross profit for the half-year period rose 128 per cent to S$72.5 million, from S$31.8 million a year prior, due to higher recognised profits on development projects.
In H1 FY 2024, Bukit Sembawang recognised profits from The Atelier, LIV@MB and Fraser Residence Orchard, with H1 FY2025 having an additional project, Pollen Collection.
The higher gross profit, increase in interest income and slightly lower expenses helped drive earnings growth for H1 FY2025.
This was offset by a higher tax expense of S$11.5 million for the time period, compared to S$5.2 million a year prior due to higher deferred tax provision on taxable temporary difference for units sold but under development.
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As a result, earnings per share stood at S$0.243 in H1 FY2025, up from S$0.0974 in H1 FY2024.
Looking ahead, the overall private residential property price has decreased 0.7 per cent in the third quarter of 2024, according to URA statistics. The number of new residential units sold also rose in Q3 to 1,160 units, from 725 units in Q2 2024.
Bukit Sembawang noted that the cooling measures introduced in April 2023 continues to impact demand for property by foreigners as well as investment purchases by locals and permanent residents. “Market sentiments remain sensitive to changes in interest rates and the ongoing geopolitical environment,” it added.
Bukit Sembawang will monitor the progress of its ongoing projects to ensure timely completion, as well as appropriately time its residential project launches.
Its shares closed up 0.3 per cent or S$0.01 to S$3.56 on Tuesday.
