Gross profit for the period decreased by 54% y-o-y to $30 million mainly due to lower profit recognised on development projects. In 2HFY2023, profits were recognised for Nim Collection Phase 2, The Atelier and LIV@MB.
For the full year, Bukit Sembawang reported earnings of $82.9 million, representing a 59% drop y-o-y.
Its FY2023 revenue decreased by 32% y-o-y to $197.1 million, while cost of sales decreased by 13% to $163 million as compared to FY2022.
The company’s gross profit for the year decreased by 66% y-o-y to $34.1 million.
As at March 31, Bukit Sembawang’s total assets decreased by 5.7% y-o-y to $1.57 billion mainly due to decrease in cash and cash equivalents offset against the increase in development properties.
This, in turn, was due to acquisition of a new land parcel at Bukit Timah Link as well as partial repayment of bank loans.
Meanwhile, the company’s liabilities decreased by 45.9% y-o-y to $103.6 million as at end-March.
See also: FJ Benjamin FY2025 red ink widens to $16.6 million
Over the next six to twelve months, Bukit Sembawang will be focussing on the sales of The Atelier, Liv@MB and Pollen Collection. It will also be preparing for the launch of the new residential development at Bukit Timah Link.
Shares in Bukit Sembawang closed 2 cents lower or 0.48% down on May 22 at $4.10.
