Overview
Singapore real estate developer's 1H2026 revenue fell 4% yr/yr
Net profit attributable to shareholders declined 75% yr/yr, mainly from weaker Other investments and hospitality
Earnings per share for 1H2026 was 0.29 cents, down from 1.16 cents in 1H2025
Outlook
Co says it remains committed to develop and enhance its asset portfolio, explore potential strategic partnerships and acquisitions to expand its footprint
Result Drivers
LOWER REAL ESTATE DEVELOPMENT AND HOSPITALITY - Co said revenue fell mainly due to weaker performance in Real Estate Development and Hospitality segments
WEAKER OTHER INVESTMENTS - Co said net profit decline was mainly due to lower contributions from Other Investments, especially GulTech, as rising material costs compressed margin
LOWER FAIR VALUE GAINS - Co said net profit was also hurt by lower net fair value gains from property revaluations in Singapore, Australia and China
Company press release:
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
S$67.40 mln
H1 Net Income
S$3.60 mln
H1 Adjusted EBIT
S$14.10 mln
H1 Gross Profit
S$35.50 mln
H1 Net Income Attributable
S$3.60 mln
Analyst Coverage
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 17 three months ago
Reuters Recommended Reads
Aug 6 - Singapore's Far East Orchard HY revenue more than doubles
Aug 5 - Singapore's IREIT Global H1 gross revenue falls
Aug 6 - EfTEN United Q2 profit drops 75% on property investment revaluations
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