Bukit Sembawang Estates' 1H net profit up 6.8% to $60.7m

This is despite lower revenue.

Bukit Sembawang Estates' revenue and cost of sales decreased by 48.1% and 70.4% respectively as compared to 1H FY2016.

For FY2017, profits were recognised for Luxus Hills Phase 6 and 7 and Skyline Residences. Gross profit increased marginally by 1.1%.

Other income decreased by 66.0% as compared to 1H FY 2016. The decrease was mainly due to income from writeoff of unclaimed dividend accounts in 1H FY2016. There was no write-off of unclaimed dividend accounts in 1H FY2017.

Administrative expenses increased by 25.5% as compared to 1H FY2016 mainly due to higher professional charges and adjustment of provision of bonus for the previous year.

Other operating expenses increased by 13.0% as compared to 1H FY2016 mainly due to property taxes paid for unsold properties that have obtained TOP.

Finance income was $2.7m, an increase of 90.7% as compared to $1.4 m in 1H FY2016. This was due to higher interest income earned from additional fixed deposits placed with banks.

Lower tax expense was due to write back of deferred tax liabilities no longer required. Net profit after tax was $64.8m, an increase of 6.8% as compared to $60.7 m in 1H FY2016.