Wednesday, August 29, 2012

Sim Lian boosts full year profit by 13%

Sim Lian Group recorded a 13 percent year-on-year increase in profit before income tax, hitting S$275.2 million for the full year ended 30 June 2012 from S$242.7 million in FY2011.

The growth was achieved due to three main factors, namely revenue increase, reduced contract costs and greater contribution from joint venture (JV) projects.

Moreover, the group’s gross revenue for the same period also grew by three percent to S$764.3 million from S$744.7 million in FY2011.

The strong results were mainly attributed to several development projects completed during FY2012 as the group enhances its position as a property development player.

Executive Chairman Kuik Ah Han said: “It was a successful financial year for Sim Lian Group as we launched several new projects and secured Temporary Occupation Permit (TOP) for four Singapore developments, including Clover By The Park, The Lincoln Residences, Rochelle At Newton and our first industrial project, UB.One.”

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