Bukit Sembawang net profit down 28% to $53.4m H1 FY21/22

This is despite its decrease in operating costs for the same period.

Bukit Sembawang revealed a decrease in its net profit by 28% year-on-year to $53.4m in the first half of the financial year ended 30 September.

Although its operating expenses were down by $2.2m to $2.8m, due to lower maintenance charges and property tax from lesser unsold units of completed properties, its gross profit still recorded a 29% decrease to $70.3m due to lower profit raised on development projects. 

Profits, meanwhile, were recognised for 8 St Thomas, Luxus Hills (Signature Collection), and Luxus Hills (Contemporary Collection), Nim Collection Phases 1 and 2 and Fraser Residence Orchard, Singapore. 

Overall, the total assets of the group decreased by 7.9% to $1.8b, following the decrease in development properties due to larger costs and a decrease in contract assets due to the transfer of contact assets to trade receivables. Another factor was due to collections from 8 St Thomas and Luxus Hills offset against repayment of loan relating to the Atellier.

A net cash outflow of $25.4m for 1H FY2021/22 was also recorded. This put net cash generated amounting to $149.5m due to working capital movements. Net cash used, meanwhile, hit $175.8m due to a dividend payment of $85.4m and full repayment of borrowings related to the Atelier. 

A cash equivalent of $702.6m as of 30 September 30 was observed, a decrease when compared to the $474.6m from the same period last year.