Singapore Land posts 7% higher earnings of S$111.4 million for H1
Its revenue rises 8% to S$368.3 million on the back of higher contributions from property investments and technology operations
[SINGAPORE] Property developer Singapore Land Group posted a 7 per cent year on year rise in its net profit for the half year of FY 2025 ended June, to S$111.4 million from S$103.7 million.
In a regulatory filing published on Thursday (Aug 7), the mainboard-listed subsidiary of UOL Group reported revenue of S$368.3 million, up 8 per cent.
The increase in turnover was mainly driven by higher contributions from property investments and technology operations, with the newly acquired commercial building at 388 George Street in Sydney and an improved performance by its Singapore assets giving it a boost.
Higher hardware sales to the commercial sector also played a part in raising revenue.
However, administrative and finance expenses shot up by 18 per cent each, as a result of salary increments and higher professional fees for the outsourcing of services, as well as higher interest rates and increased borrowing to fund an acquisition.
Also weighing on the group’s profitability was a 30 per cent fall in the group’s share of results from associates, due mainly to lower contributions from the Watergardens at Canberra. The condominium obtained its temporary occupation permit in December 2024, and so had its profits fully recognised at that point. Additional capital also had to be injected into associates for development projects.
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The group also incurred losses in a joint venture due to a higher share of fair-value loss on the JV’s investment property.
Earnings per share rose to S$0.078 from S$0.072 for the year-ago period.
Net asset value per share rose to S$5.88 as at end-June, from S$5.87 as at end-December 2024.
Gearing ratio, net of cash, jumped to 5.7 per cent from 2.1 per cent.
Singapore Land Group did not declare a dividend, as it does not follow the practice of making interim payouts to its shareholders.
Singapore Land Group shares ended 3.9 per cent or S$0.11 up at S$2.91 at the close of trading on Thursday, before its financial results were published.
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