Friday, January 14, 2011


SPH just released their Q1FY11 results. Net profit attributable to shareholders was at $102M (about 29.3% less than the corresponding period last year). This is expected because there is no more contribution from SKY@eleven.

However, I made some quick calculation that noticed that Net profit attributable to shareholders in Q4FY10 was only 75M. ( I believe there is no contribution from SKY@eleven for this period also).

So, things are not so bad as it may seems.

Net earnings per diluted share is 6 cents. Doing a linear projection for the whole year, it would be 24 cents per diluted share per year.

With rental income from Clementi Mall coming in at the later stage of the year, this may trend up a little. SPH probably have overpaid for Clementi Mall, but with interest rate at a record low and will stay low for a while, it will mitigate some of the mistakes.

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