Goodland nosedives into a $3.9m net loss in FY2016

Due to the decrease in operating income.

It was not a good year at all for residential property firm Goodland Group Ltd., as it posted a $3.9 m losses for the year compared to a $4.7m net profit last year.

This was mainly driven by the drop in other operating income to $0.6m, in contrast to the $7.2m gained last year.

This came as revenue came 48% higher to $52.3m, but was offset by 64% higher cost of sales of $46m.

"The revenue increased by $17.1m to $52.3m in FY2016 from $35.2m in FY2015, mainly due to the recognition of revenue using the percentage of completion method, from progress made in the construction of a residential project and a mixed residential/commercial project in Singapore namely, The Bently Residences@Kovan and The Citron and Citron Residences respectively, as well as the sale of detached landed and terrace houses.," the group said.

Looking forward, the group expects the next 12 months to be challenging.

"Amidst this challenging environment, the Group will continue to refine its investment strategy to stay relevant for sustained growth. Whilst continuing to explore development opportunities in Singapore, the Group will also look out for opportunities in foreign markets, including Malaysia and Cambodia, to diversify its portfolio and to mitigate risks experienced in the local environment.," the group noted.