However, due lower average selling prices of larger units sold in the Braddell project, gross profit for 3Q decreased 12% to $7.1 million from $8 million a year ago, and gross profit margin fell accordingly.
Distribution and marketing expenses increased by $0.9 million mainly due to increased sales commission.
Notably, Top Global recognised other comprehensive losses for $4.8 million over the quarter as compared to other comprehensive income of $6.1 million in 3Q16, mainly due to currency translation losses of $5 million on the consolidation of its Indonesian subsidiaries as the SGD strengthened against the IDR.
The group observes improving private residential property sentiment in Singapore, as well as a stable residential property market in Indonesia with signs of recovery, although consumer purchasing power continues to remain a concern.
It adds that it will continue to explore into potential collaborations which would expedite its residential and industrial developments at Rancamaya, Royal Tajur, Harvest City and Royal Balaraja.
Shares in Top Global closed 3 cents higher at 32 cents on Friday.
