Huatppy Finals: Div 3 + 1.5 up 0.5 cents, book nta rose from 53 to 65.
http://info.sgx.com/webcoranncatth.nsf/V...C003097EB/$file/20130328_LKHS_FullYearResults_FYEJan13_Att.pdf?openelement
Development
Contributions from associated companies and joint ventures increased by $55.9M to $80.0M during current
year from $24.1M during previous year. It increased by $17.6M to $32.1M in Q4 current year from $14.5M in
Q4 previous year. The increase was mainly due to increased profit contributions from The Minton, which was
launched in May 2010. The Minton is 100% sold as of 8 June 2012. In Q4 previous year, we launched two
majority owned projects, Paya Lebar Square and Parkland Residences. Paya Lebar Square, our commercial
and retail project is located at the upcoming Paya Lebar Hub and directly linked by both East-West and Circle
MRT lines. As of 14 March 2013, we have sold 94% of the office units. Sale of retail units have yet to be
launched. However, the leasing of the retail units has commenced and we have achieved 72% leasing
commitments as of 14 March 2013. The better than expected sales performance at Paya Lebar Square is an
indication of the health of the commercial property market at strategic non-CBD locations. The other project
launched is a DBSS residential project, Parkland Residences located at Upper Serangoon Road. Options for
658 units (97%) have been issued as of 14 March 2013 out of a total of 680 units. The good sales
performance was achieved despite the negative market sentiment in the residential property market as a
result of the additional stamp duty imposed by the government in December 2011 and the increase in the
number of BTO launches.
In line with the adoption of accounting standard INT FRS 115, the Group can only recognise the revenue and
related costs of development in Paya Lebar Square, a commercial development, and Parkland Residences, a
DBSS development, when these projects obtain TOP. Both projects are expected to receive TOP in 2014.
Balance Sheet
Group shareholders’ funds increased by 21.9% to $476.1M as at 31 January 2013 from $390.5M as at 31
January 2012. Cash and cash equivalents increased by $172.6M to $205.5M as at 31 January 2013 from
$32.9M as at 31 January 2012. The Group has launched majority owned development projects, Parkland
Residences and Paya Lebar Square. The Group’s bank borrowings were used to finance the purchase of
lands for Parkland Residences and Paya Lebar Square. Gearing was 0.63 as at 31 January 2013 compared
to 1.29 as at 31 January 2012.