Bukit Sembawang

Bukit Sembawang: 4QFY14 net profit slumped 29% y/y to $18.2m, despite revenue spike of 95% to $89.5m, as the bottom line was weighed by lower gross margin of 45.17% (-25.4ppts) due to higher land and construction cost, as well as a $17.5m recognition of foreseeable loss on the Paterson Collection development project caused by the weakened property market. Group declared final DPS of 4¢ and special DPS of 12¢, bringing FY14 total to 16¢ (FY13: 15¢). NAV of $4.76/share.