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Bukit Sembawang reports surge in H1 FY2025 earnings to S$62.9 million

Bukit Sembawang reports surge in H1 FY2025 earnings to S$62.9 million

By Swedan Margen

Fashion

PROPERTY developer Bukit Sembawang reported a 149 per cent surge in H1 FY2025 ended Sept 30 earnings to S$62.9 million 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.

As a result earnings earnings per share stood at S$0.243 in H1 FY2025, up from S$0.0974 in H1 FY2024.

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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 has also risen in Q3 2024 to 1,160 units from 725 units in Q2 2024.

Bukit Sembawang noted that the cooling measures introduced in Apr 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,” said the company.

Bukit Sembawang will monitor the progress of its ongoing projects to ensure timely completion, as well as appropriately time its residential project launches.

Shares of Bukit Sembawang closed up 0.3 per cent or S$0.01 to S$3.56 on Tuesday.

Copyright The Business Times. All rights reserved.

Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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Bukit Sembawang reports surge in H1 FY2025 earnings to S$62.9 million | Grazia British