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Published February 21, 2009  |
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MCL posts 2008 loss of US$107.3m
Group hit by US$180.2m writedown of development properties for sale
By EMILYN YAP |
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HIT by property writedowns, real estate developer MCL Land swung into the red for the financial year ended Dec 31, 2008. The firm yesterday posted a net loss of US$107.3 million, in contrast to a net profit of US$61.9 million a year earlier.
Loss per share came to 29 US cents, against earnings per share of 16.73 US cents previously.
While MCL Land recognised development profits from The Grange, Mera Springs and The Esta projects for the year, a US$180.2 million writedown of development properties for sale eroded those takings.
'Property prices have fallen significantly and the outlook for the residential property market in Singapore has become increasingly uncertain,' the developer said. This led the company to revise the carrying value of these properties downwards.
MCL said the US$107.3 million loss attributable to shareholders included a US$0.9 million fair value adjustment to the group's investment properties.
For FY08, group revenue fell 12 per cent year-on-year to US$343.1 million. MCL Land's board is recommending a first and final dividend of 10 Singapore cents per share payable on May 26, 2009.
'Confidence in the residential property markets in Singapore and Malaysia is extremely weak as a consequence of the current economic downturn with few buyers willing to commit to property purchases,' said MCL Land chairman Y K Pang. '2009 is expected to be a challenging year.'
But he expects the completion of three developments here this year - The Fernhill, Tierra Vue and Hillcrest Villa - to provide some lift to the group's results for the year. 'With strong cash flow generated from the sale of development properties and a healthy balance sheet, the group is well-placed to weather the difficult economic and market conditions.'
MCL Land also has the Waterfall Gardens and D'Pavilion scheduled for completion in 2010 and The Peak@Balmeg in 2011. The company has another seven projects at various stages of planning approval and it plans to launch them progressively in the next few years.
Shares of MCL Land fell half a cent yesterday to close at 66 cents.
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_8EC5442F7F6847AB48257563002F55AC/$file/Full08Results.pdf?openelement
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November 6, 2008, 5.35 pm (Singapore time) |
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MCL Land's Q3 net profit up on Mera Spring Project
By ANGELA TAN |
Revenue for the period also grew 210 per cent from a year ago to US$78.07 million compared to US$25.18 million, due mainly to the completion of Mera Spring project.
Chairman YK Pang warns the financial crisis would put a downward pressure on short to medium term prices. He added MCL's performance may be affected by the down ward movements of the carrying values of its development properties.
No dividend was declared.
Property developer MCL Land Limited on Thursday reported net profit for the three months ended September 30, 2008 rose to US$13.28 million, from US$2.21 million.
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Business Times - 31 Jul 2008 MCL Land's Q2 net profit up 45% to US$3.2 mln MCL Land said on Thursday that second-quarter net profit rose 45 per cent to US$3.2 million, from US$2.2 million a year ago. Revenue for the three months ended June 30, 2008 however fell to US$353,000, from US$133.5 million in 2Q 2007.
The group benefited from higher operating income even as sales slipped. In the company's financials, 'other operating income' rose to US$3.1 million in 2Q 2008, from US$515,000 for the same three months in 2007. Earnings per share for the second-quarter rose 43 per cent to 0.86 US cents, from 0.6 US cents a year ago. 'The current uncertain economic conditions have led to a slowdown in the residential property market in Singapore,' the company said in a filing to the Singapore Exchange. However, medium to longer-term prospects remain positive, it added. The completion of Mera Springs and The Esta in Singapore in the second half of the year should benefit MCL Land's overall performance in 2008, the company said. In 2Q 2008, the developer launched no new projects in Singapore. All projects previously launched are fully pre-sold, with the exception of two units at Hillcrest Villa, MCL Land said. Shares of MCL Land lost two cents to close at $1.26 on Thursday. -- UMA SHANKARI, BT NEWSROOM |
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