Sing Holdings profits up 307.2% on strong residential sales

Company's launching of The Laurels is seen to boost profits further in 2010.

Sing Holdings reported FY2009 revenue of $71.0m (+243.6% yoy) and net profit of $6.3m (+307.2% yoy). The revenue and profit rose sharply as Sing Holdings recognised strong sales of 92% for its residential project, BelleRive.

It announced final dividend of S$0.007 per ordinary share for FY2009. No dividend was declared in FY2008.

Sing Holdings is estimated to report rapid increases in profit for the next three years as it recognises revenue from its remaining project, The Laurels. Net profit is expected to improve from S$7.6m in FY2010F to S$22.3m in FY2011F and S$35.8m in FY2012F.

Sing Holdings will launch The Laurels at Cairnhill Road in 2010 Q1. It is looking to purchase land for property development and will participate in the Government Land Sales (GLS) program.

Phillip Securities Research expects Sing Holdings to focus on the Singapore market rather than overseas markets.