However, revenue fell by 2% y-o-y to $549.96 million due to lower revenue recognised for The Atelier, an upcoming 120-unit freehold condominium development in District 9. The condo obtained its temporary occupation permit (TOP) in May 2024. The lower revenue was offset by higher revenue attributable to the higher percentage of completion for the Pollen Collection and LIV@MB. The Pollen Collection is a 99-year leasehold landed housing project located in Seletar Hills while LIV@MB is a 99-year, 298-unit condominium development in District 15.
Despite the lower revenue, gross profit rose by 72% y-o-y to $131.95 million, due to higher profits recognised on development projects.
Profits were recognised for the Pollen Collection, The Atelier, LIV@MB and Fraser Residence Orchard, Singapore, in both FY2025 and FY2024. This year, the group recognised higher profits from its property development segment due to higher profits recognised on development projects. Higher profits were also recognised from the group’s investment holding segment thanks to higher interest income from additional fixed deposits placed in the banks.
Other income grew by 51% y-o-y to $115,000 due to higher late interest income collected from purchasers this year.
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Other operating income fell by 54% y-o-y to $2.5 million due mainly to a $3.9 million impairment loss on property, plant and equipment relating to Fraser Residence Orchard, Singapore.
Profit before tax increased by 66% y-o-y to $137.4 million.
As at March 31, cash and cash equivalents stood at $582.4 million.
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For the year, the group has recommended a total dividend of 20 cents, above the dividend of 16 cents recommended in FY2024. This year’s amount comprises an ordinary final dividend of four cents and a special dividend of 16 cents. In FY2024, the group recommended the same ordinary final dividend of four cents, but with a lower special dividend of 12 cents.
The date of payment will be announced after.
