Hwa Hong’s gross profit down 6.3% to $2.6m in Q4

On back of lower sales.

Mainboard-listed Hwa Hong reported that its gross profit declined 6.3% year-on-year to $2.6m in the fourth quarter.

For the full year, the group’s gross profit slipped 12.9% to $9.1m. The group reported a 37.7% decline in cost of sales for the full year, attributed to the challenging property market in Singapore.

“The Singapore residential property market is expected to face further downward pressure in rentals and capital values. This may restrict further disposal of our residential properties in the current financial year. This may also affect the magnitude of any gains that we may achieve on the disposal of our residential properties. Overall our residential and commercial properties in Singapore and UK continue to provide recurrent income for the Group. The Group is in advanced negotiations with a potential tenant to enter into a long term lease for its site located in Sheffield, UK, and intends to begin redevelopment works once we have entered into heads of terms/a letter of intent with the said tenant,” stated Hwa Hong.

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