FY2018 Key Financial Highlights
In FY2018, the Group posted a 48.8% decline in revenue to S$15.30 million from S$29.88 million in the financial year ended 31 March 2017 (“FY2017”). This was largely attributable to obtaining Temporary Occupancy Permit (“TOP”) by a majority of our development properties in the prior financial year.
This was offset by a 1.4% growth in income from our Louis Kienne Serviced Apartments to S$5.27 million during the financial year as well as receiving revenue contribution of close to S$3.22 million from our newly-acquired portfolio of commercial and residential properties from PAI for the period of 16 November 2017 to 31 March 2018.
In FY2018, we achieved a net profit of S$51.78 million, which was mainly derived from the difference in purchase consideration and fair valuation for the portfolio of properties we acquired from PAI on 16 November 2017. This also had a positive effect on our Earnings Per Share, which came in at 3.66 Singapore cents in FY2018 compared to 0.41 Singapore cents in FY2017.
We maintained a healthy balance sheet in FY2018. As at 31 March 2018, our cash and cash equivalents stood at a robust S$19.17 million compared to S$3.19 million as at 31 March 2017. This was primarily due to receipt from buyers of our development properties and additional cash received from the acquisition of PAI during the financial year.
As a result, our gearing improved to 48% in FY2018 compared to 53% in FY2017. As at 31 March 2018, the Group had net assets amounting to S$190.43 million, as well as net asset value per share of 6.90 Singapore cents. This is compared to net assets of S$53.36 million and a net asset value of 8.51 Singapore cents as at 31 March 2017.
Delivering Quality Projects
We have fully sold and obtained TOP for all of our freehold residential projects in Singapore. Our remaining freehold mixed development project, Pavilion Square, a 50:50 joint venture is also fully sold.
Despite encountering a minor setback in the completion date for Pavilion Square, we are working doubly hard to complete the project as quickly as we can while continuing to maintaining the same high standards expected of our developments.
Underscoring our strategy to build the Group’s recurring income base, we moved to acquire PAI and its portfolio of 15 premium commercial and residential properties. This will complement our existing portfolio of two retail properties along Balestier Road as well as our Louis Kienne Serviced Residences.
In addition, we are positive about the growth prospects of our fund management associate, Stirling Fort Capital Pte. Ltd., which is also in the business of collecting stable and recurring fees each year. Already, it has secured the management of fresh fund management contracts, which is expected to boost its assets under management (“AUM”) and management fees in financial year ending 31 March 2019 (“FY2019”).
We will continue to fortify our fee-based income business in FY2019. We firmly believe this will help provide greater income visibility and stability for Pollux Properties. We expect opportunities in the hospitality industry and more fund management activities to underpin this potential growth area. We are also actively looking to enlarge our existing portfolio of assets as well as diversifying into overseas markets.
|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|
|16/9/2018||Pollux Properties Annual Report 2018|
|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|