Bukit Semb’s return to profitability in 4QFY10 unlikely to generate strong interest as results were boosted by $40m write-back. FY10 net profit turned around to $55m from $47m loss the previous year. 4Q gross margin tumbled to 26% from 88% year earlier due to higher construction, land costs. Still, developer guiding for better profit in FY11 on sales of its Luxus Hills project (fully sold) and planned launches of Paterson Suites (82 units) and The Vermont at Cairnhill (158 units) later this year
Mgmt has been slow to launch these luxury projects since acquiring these sites 4 years ago and risk missing the height of the property boom.
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