Wandervale ECAfter the recent announcement of plans to go private, Sim Lian Group's net profit declined 71% year-on-year to $68.8 million in financial year report ended last 30 June 2016.

Revenue of the group also fell by 52% to $570.9 million during the period, from the previous $1.193 billion revenue.

The group's $86.6 million FY2016 total revenue accounted to property development division, a down by 91%  from $914.3 million registered in FY2015. The decline ascribed to lower contributions from completed development property last February 2015.

However, Sim Lian contributions in construction division climbed by 88% to $430 million, due to percentage growth of work done in FY2016.

Contract costs received by the group declined by 52% to $434 million, from the previous $906.1 million cost.

Sim Lian Group is a Singapore-based property developer engaged in construction of quality homes, including the upcoming executive condominium (ECs) such as Treasure Crest EC and Wandervale EC.

 

Written by Siang Teck of Property Review. I can be contacted at [email protected]