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Financial Review
The earnings per share for 2008 have been restated to include the effects of the
Company's rights issue in 2009.
Sales
The Group's sales for 2009 were
$923.9 million, $81.7 million or 9.7%
higher than the $842.2 million achieved
in 2008, as a result of increased sales
across all the business segments.
Residential sales in Singapore and
overseas increased by $45.7 million
to $720.8 million, contributed by higher
sales from the newly launched Madison
Residences and The Promont in
Singapore, and Riviera Cove in
Ho Chi Minh City (HCMC), Vietnam.
Also contributing to the increase were
higher sales from The Tresor in Singapore,
Villa Riviera in Shanghai, Serenity Cove
and The Arcadia in Tianjin, Stamford City
in Jiangyin, The Estella in HCMC as well
as Jakarta Garden City in Indonesia;
and progressive revenue recognition
from The Sixth Avenue Residences in
Singapore. This increase was, however,
partly offset by lower revenues reported
by The Suites at Central in Singapore,
Elita Promenade in Bangalore, 8 Park
Avenue in Shanghai and Thailand
projects, coupled with the completion
of The Seasons in Beijing, Villa Riviera
in HCMC, and Park Infinia at Wee Nam
during 2008.
In addition, the Group's investment
properties registered better performance
in 2009 on account of higher rental yields.
The Group's hotels and resorts reported
higher sales due to improved occupancy
rates, and revenue from the fund
management operations and property
services segment were also higher.
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