Lum Chang 20% stake in Esparina EC has already obtained TOP as stated in their AR 2013. Their profit will be recognized on the coming Q1FY2014 which will be announced on 7 Nov 2013. By the way, Lum Chang final dividend of 1.25 cents will be Ex-Div 6 Nov 2013.
AR2013 wrote:
I did a rough estimation on the net gain from their share in Esparina and this work out to be around 6 to 7 cents. Please feel free to correct me if there is any errors in my computation:
Esparina
psm(land) 56,643.00 (Source AR2012 of F&N)
psm to psf 10.7639
psf(land) 609,700.1541
Total land Cost $193,280,000.00
Price per square feet 317.0083
Total construction cost (psf) $119,400,000.00 (Source Lum Chang AR2013)
Construction Cost psf $195.8340
Total Cost $512.8423
Approx Total Cost 540.0000 (Promotion+Financing)
Total Number of Shares ('000) 372,464.60
Average Selling Price (psf) $743.00
Total cost of development (psf) $540.00
Profit (psf) $203.00
Total profit $123,769,131.29
Lum Chang Holding Stake 20.00%
Net profit attributable to Lum Chang Holding $24,753,826.26
EPS $0.0665
I'd only estimated Lum Chang's share on their property development profit. Since Lum Chang is the construction contractor it should also contribute to their bottom line on construction segment.
Lum Chang AR2013:
http://infopub.sgx.com/FileOpen/LCH%20An...leID=19630
F&N AR2012:
http://infopub.sgx.com/FileOpen/F_N-AR20...ileID=3537
F&N FCL presentation:
http://infopub.sgx.com/FileOpen/Investor...eID=254083
Vested
AR2013 wrote:
Quote:PROPERTY
The Group’s joint venture residential development,
Twin Fountains, was launched in April 2013 to strong
response. The 418-unit Executive Condominium (EC)
project situated in Woodlands was the first EC
development launched in Singapore in 2013. It was
well received by the public with 78% of the units sold
to date. Our other joint venture EC development,
Esparina Residences, has just recently obtained
its Temporary Occupation Permit. In line with the
Singapore Financial Reporting Standards, the results
from both developments will only be recognised upon
project completion.
I did a rough estimation on the net gain from their share in Esparina and this work out to be around 6 to 7 cents. Please feel free to correct me if there is any errors in my computation:
Esparina
psm(land) 56,643.00 (Source AR2012 of F&N)
psm to psf 10.7639
psf(land) 609,700.1541
Total land Cost $193,280,000.00
Price per square feet 317.0083
Total construction cost (psf) $119,400,000.00 (Source Lum Chang AR2013)
Construction Cost psf $195.8340
Total Cost $512.8423
Approx Total Cost 540.0000 (Promotion+Financing)
Total Number of Shares ('000) 372,464.60
Average Selling Price (psf) $743.00
Total cost of development (psf) $540.00
Profit (psf) $203.00
Total profit $123,769,131.29
Lum Chang Holding Stake 20.00%
Net profit attributable to Lum Chang Holding $24,753,826.26
EPS $0.0665
I'd only estimated Lum Chang's share on their property development profit. Since Lum Chang is the construction contractor it should also contribute to their bottom line on construction segment.
Lum Chang AR2013:
http://infopub.sgx.com/FileOpen/LCH%20An...leID=19630
F&N AR2012:
http://infopub.sgx.com/FileOpen/F_N-AR20...ileID=3537
F&N FCL presentation:
http://infopub.sgx.com/FileOpen/Investor...eID=254083
Vested