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.
|28/3/2013||Business Times: Pavilion Square Retail Units Snapped Up|
|26/2/2013||Metroloft’s Unique Loft Concept Units Fully Sold|
|28/11/2011||Diamond Eye Award For Quality Commitment and Excellence|
|18/7/2017||Pollux Properties Annual Report 2017|
|10/7/2016||Pollux Properties Annual Report 2016|
|7/7/2015||Pollux Properties Annual Report 2015|
|1/8/2014||Pollux Properties Annual Report 2014|
|2/9/2013||Pollux Properties Annual Report 2013|
|9/7/2012||Pollux Properties Annual Report 2012|
|31/12/2011||Pollux Properties Annual Report 2011|
|31/12/2009||Pollux Properties Annual Report 2009/2010|
|31/12/2008||Shining Corporation Annual Report 2008|