Lower profit recorded from BBR’s property development arm
BBR Holdings’ revenue for Q3 2014 increased 43 percent to $171.6 million from $120.2 million in Q3 2013, while net profit dropped 83 percent to $1.4 million from $8.4 million in the corresponding period last year.
The group cited the higher revenue to increased revenue from the general construction segment.
Gross profit for July to September 2014 slipped 80 percent to $2.4 million, mainly attributable to project losses recognised for general construction projects and lower profit contribution from the property development segment.
Gains on disposal of a leasehold property in Sungei Kadut and the group’s investment in an associate, FOSTA Pte Ltd, contributed to its operating income in Q3 2014 which increased to $5.4 million from $0.5 million in Q3 2013.
BBR’s Property Development segment is currently involved in two projects, Bliss@Kovan (pictured) and Lake Life. The latter is an Executive Condominium (EC) developed by a consortium of investors which BBR is a part of.
Picture Source: BBR’s website
Source copied from: http://www.propertyguru.com.sg/property-management-news/2014/11/72542/lower-profit-recorded-from-bbr-s-property-developm