Overview

FY2017 Key Financial Highlights

This year, our total revenue stood at S$29.88 million. The decline in earnings of S$18.39 million or 38.1% from S$48.27 million in the financial year ended 31 March 2016 (“FY2016”) was mainly a result of revenue that had already been recognised for two out of four development properties which had obtained Temporary Occupation Permit (“T.O.P.”) in FY2016. Despite this, we managed to strengthen our net profit by 55.5% to S$2.58 million, representing an increase of S$0.92 million from S$1.66 million in FY2016. Earnings per share stood at 0.41 cents in FY2017 as compared to 0.27 cents in FY2016. In the face of the continued soft property market in Singapore, this points to the success of our transformational strategy in the last few years to ensure the Group enjoys a robust earnings mix. Our serviced apartment, Louis Kienne Serviced Residences, contributed stable revenue of S$5.20 million during the financial year. In addition, we received stable rental income on the commercial front from our retail investment properties at Balestier Road. During the financial year, we made repayments of certain loans and borrowings. As a result, cash and cash equivalents stood at S$3.19 million as at the end of FY2017 as compared to S$9.94 million as at the end of FY2016. Correspondingly, our gearing improved to 53% compared to 56% in FY2016. Our Group balance sheet position remained healthy with net assets of S$53.36 million and net asset value per share was 8.51 cents as at 31 March 2017 vis-à-vis 8.10 cents in the last corresponding period.

Delivering Quality Projects

Three of our completed freehold residential projects – namely Metro Loft, Garden Park Residences and Berkeley Residences – have been fully sold. Barring any unforeseen circumstances, two of our residential projects which are currently under construction, namely Pavilion Square and Mayfair Residences, are expected to be completed by the second quarter of FY2017. All units of Pavilion Square have been fully sold prior to completion, and Mayfair Residences is 85% sold to date. With a 50% and 100% stake in these two projects respectively, we expect to report the revenue contributions in the next financial year. We are heartened by the warm reception to our results which attests to our superior product positioning and effective sales strategy. In FY2017, Louis Kienne Serviced Residences, our investment property comprising 96 units of one, two and three-bedroom serviced apartments, achieved a healthy average occupancy rate of almost 80%. Our retail shops at Balestier Road also showed 100% tenancy rates in FY2017.

Announcements:

DateTitle
8/8/17Proposed Acquisition Of Property Investment Group
31/7/17Non-Binding Term Sheet For Proposed Acquisition Of Property Investment Group
27/7/17Annual General Meeting: Voluntary
26/7/17AGM Presentation Slides
18/7/201718 Jul 2017 - Pollux Properties Annual Report 2017
12/7/17Annual Reports & Related Documents
10/7/17Annual General Meeting: Voluntary
1/6/17Appointment of Tracy Wun May Ling as Chief Investment Officer
24/5/17Full Yearly Results
8/11/16Half Yearly Results
24/8/16Resignation of General Manager
10/7/201610 Jul 2016 - Pollux Properties Annual Report 2016
25/5/201625 May 2016 -
FY2016 Financial Results Presentation
25/5/201625 May 2016 -
FY2016 Financial Results Announcement
8/1/20168 Jan 2016 -
Re-designation of Deputy Financial Controller to Financial Controller
6/11/20156 Nov 2015 -
1H2016 Financial Results Presentation
6/11/20156 Nov 2015 -
1H2016 Financial Results Announcement
7/9/20157 SEP 2015 - Subscription Agreement Relating to Stirling Fort Asia Pte. Ltd.--
Completion
31/8/201531 AUG 2015 - Subscription Agreement Relating to Stirling Fort Asia Pte. Ltd.--
Receipt of Listing and Quotation Notice
11/8/201511 AUG 2015 - Subscription Agreement Relating to Stirling Fort Asia Pte. Ltd.
23/7/201523 JUL 2015 - AGM Results
22/7/201522 JUL 2015 - AGM Presentation Slides
8/7/20158 JUL 2015 - Interested Person Transaction
6/7/20156 JUL 2015 - Annual Report
6/7/20156 JUL 2015 - Notice of AGM
21/5/201521 MAY 2015 - Financial Statements and Related Announcement/FY2015 Result Presentation
21/5/201521 MAY 2015 - Financial Statements and Related Announcement/FY2015 Result Announcement
30/4/201530 APR 2015 - Striking Off of Dormant Subsidiaries
9/4/201509 APR 2015 - Changes in Interest of Director/ Chief Executive Officer
9/4/201509 APR 2015 - Changes in Interest of Substantial Shareholder(s)/ Unitholder(s)
16/3/201516 MAR 2015 - Changes in Interest of Director/ Chief Executive Officer
16/3/201516 MAR 2015 - Changes in Interest of Substantial Shareholder(s)/ Unitholder(s)