Similarly, cost of sales dropped 55% to $11.9 million from $26.4 million the previous year, mainly due to lower sales and lower profit recognition on development projects
This brought gross profit to $20.1 million, 56.9% lower than $46.5 million last year.
In 2Q18, profits were recognised to Skyline Residences and Watercove, while profits for Luxus Hills Phase 6 and 7 and Skyline Residences were recognised in the same period last year.
As at Sept 30, the group’s cash and cash equivalents stood at $236.4 million
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In the outlook, the group is closely monitoring the changing dynamics of the residential property market.
Shares in Bukit Sembawang Estates closed at $6.21 on Friday.
