Download Wee Hur`s 9M12 net profit to shareholders up 11% yoy to S$4.1 million

Wee Hur Building
39 Kim Keat Road
Singapore 328814
Wee Hur’s 9M12 net profit to shareholders up
11% yoy to S$4.1 million
•
9M12 revenue up 32% to S$182.9 million on commencement of more new projects and
near completion projects
•
9M12 Profit should be better if not for higher marketing and distribution cost up 248%
to S$8.3 million resulting from overwhelming sales from Parc Centros
•
All 618 units from Parc Centros fully sold as to date
•
Adoption of INT FRS 115 for Group’s industrial properties affected revenue and net
profit; 9M12 revenue and attributable profit would have been S$330.1 million and
S$52.6 million if percentage of completion method is adopted
•
Harvest@Woodlands obtained TOP in October 2012; revenue to be recognized in 4Q12
•
Construction order book stood at S$450.6 million as at 30 September 2012 providing
construction activities through FY14
偉合控股有限公司),
Singapore, 8 November 2012 – Wee Hur Holdings Ltd, (“Wee Hur” or “the Group”) (
property developer and BCA Grade A1 award winning builder, reported an 11% increase year-on-year
(yoy) in profit attributable to shareholders to S$4.1 million for its nine months ended 30 September 2012
(“9M12”).
9M12 revenue increased 32% yoy to S$182.9 million as major construction projects are in their matured
stage and some new projects have started to contribute revenue.
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Wee Hur Building
39 Kim Keat Road
Singapore 328814
Table 1. Financial Highlights
S$ ’million
9M12
9M11
% Change
Revenue
Marketing and distribution cost
Profit before tax
Non-controlling interest
Profit attributable to shareholders
182.9
8.3
1.9
(2.2)
4.1
138.6
2.4
7.4
1.5
3.7
32%
248%
(74%)
11%
The Group’s profit was affected following higher marketing and distribution cost which surged 248% to
S$8.3 million. The higher marketing and distribution costs which are mainly due to overwhelming sales of
units from Parc Centros needs to be captured as incurred before revenue can be recognized. As to date
all 618 units from Parc Centros has been fully sold.
吴友仁), Chairman and Managing Director of Wee Hur Holdings Limited, remarked,
Mr Goh Yeow Lian (
“We are encouraged by the overwhelming response of Parc Centros which is now fully-sold. Although
we have to expense off the related marketing and distribution cost upfront, subsequent progressive
recognition of income from this project will be without such expense. Had such costs been spread out
similar to the progressive revenue recognition, our profit for 9M12 would have been much higher.”
The adoption of INT FRS 1151 has also caused an impact to the Group’s revenue and profit. Had the Group
continued to apply the percentage of completion (“POC”) method for its projects, the Group would have
reported revenue and profit attributable to shareholders of S$330.1 and S$52.6 million respectively.
FRS 115 stipulates that revenue and profits for all industrial and commercial projects can only be
recognised at the completion stage, hence the Group’s quarterly revenue and profit figures will appear
lumpy.
1
INT FRS 115: Interpretations of Financial Reporting Standard (FRS)
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Wee Hur Building
39 Kim Keat Road
Singapore 328814
Property Development Business
The Group is currently engaged with the development of four projects; two of which are industrial
projects, namely Harvest@Woodlands and Premier@Kaki Bukit which are 100% and more than 95% sold
respectively to date. Earnings of the Harvest@Woodlands are expected to be recognized in 4Q12 as the
Temporary Occupation Permit (TOP) has already been obtained last month. The other two are residential
developments, Urban Residences which was more than 80% sold to date and, Parc Centros which is fully
sold to date.
As announced in September 2012, the Group has acquired Thomson View in an en bloc purchase through
a joint venture (JV) with an intention for redevelopment. Mr Goh added, “We are awaiting the
necessary approvals from the relevant authorities to finalize the purchase.
We look forward
optimistically to bring our experience from the successful launch of Parc Centros to the new
development at Thomson View.”
Construction Business
As at 30 September 2012, the Group’s construction order book stood at S$450.6 million, comprising a
mixture of commercial, residential, industrial and public projects, which provides the Group with
continuous construction activity through FY14. The Group’s other ongoing construction projects include
public housing projects such as Vista Spring@Yishun and Fernvale Riverbow in Sengkang; private
residential projects such as design-and-build projects at Nepal Hill, Fusionopolis at One North and Changi
Business Park by Ascendas, as well as its own projects Premier@Kaki Bukit and Parc Centros.
- The End –
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Wee Hur Building
39 Kim Keat Road
Singapore 328814
About Wee Hur Holdings Ltd
Wee Hur Holdings Ltd is a holding company with core business in property development and
construction.
Its property development arm, Wee Hur Development Pte Ltd, seeks opportunities to secure land
for development and investment. It currently engages in both residential and industrial property
developments.
Its construction arm, Wee Hur Construction Pte Ltd, is an award-winning BCA Grade A1 builder
that provides construction services such as new construction, additions and alternations,
refurbishment and upgrading, and restoration and conservation of heritage buildings. It handles
projects of various types ranging from residential, commercial, industrial, institutional to religious,
and heritage buildings, serving both the public and private sectors.
Wee Hur was established in 1980 and listed on the Singapore Exchange in 2008.
Issued for and on behalf of Wee Hur Holdings Ltd
For more information please contact:
Financial PR Pte Ltd
El LEE, Associate Director, [email protected]
Jonathan Theo, Associate, [email protected]
Tel: (65) 6438 2990
Fax: (65) 6438 0064
[email protected]
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