Singhaiyi real estate development decline in revenue
As of September 30 in the second quarter, Singhaiyi group posted a net loss of $4,600,000 for the same period last year, net profit was $7,700,000.
The cause of the loss suffered by real estate developer, is evidenced by a number of project revenue recognition isn’t good, as well as the reporting period of higher financing costs.
In the second quarter of fiscal 2020, revenue from a year ago to $24,200,000, down from 63.7 per cent to $8,800,000. According to the Commercial Times reported that one of the main reasons for the decline in revenue for the second phase of the Vietnamese cities and urban suite revenue recognition of decline.
Real estate development in the light of the decline in revenue, cost of sales fell by $11,000,000.
Real estate developer from the previous $22,000,000 income fell by 68.7 per cent, to $6,900,000. In the second quarter of the rental income and fee income has decreased by 6.4 per cent, to $1,500,000 and $383 respectively.
At the same time, the real estate developer has seen its funding costs for the quarter compared to last year’s $1,300,000, more than seven times the growth of up to $9,900,000, which was mainly due to increased bank lending.
As such, the quarter of a loss per share (LPS) for Singapore 0.109 points in the same period last year, while earnings per share (EPS) for the 0.179 cents.
As at 30 September half year net loss to $12,800,000, revenues declined by 74.3 per cent, to $12,900,000.
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Real estate development income fell by 80.3 per cent to $9,000,000, cost of sales than last year, a decrease of $32,100,000.
The Singhaiyi rental income and fee income would fall by 13.9 per cent and 3.3 per cent to $3,100,000 and $786000.
So, in the first half for LPS 0.302 points, while in Singapore for 0.208 cents for the same period last year.
Looking ahead, the group will remain “cautiously optimistic” attitude and focus on driving sales, and to ensure that its newly introduced in Singapore at three properties (The Gazania, The Lilium and Parc Clematis) to smooth implementation.
In the United States, together with the real estate development projects are SingHaiyi said its powerful project channels can be extended until 2024, and are expected to contribute to the group’s earnings.