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Aspial half-year losses narrow to $0.2 mil

PC Lee Published on Wed, Aug 09, 2017 / 6:03 PM GMT+8

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SINGAPORE (Aug 9): Aspial Corp, the jewellery retail, property and financial services group, reported half-year losses narrowed to $0.2 million from $3.3 million a year ago.

Revenue for the half year fell 10% to $245.5 million mainly due to lesser development projects in 2017 and lower sales from the jewellery business. The financial services business however continued to record higher revenue.

Sales from the real estate business declined by 29% to $97.4 million in 1H17 from a year ago mainly contributed by the progress recognition of sales from CityGate and final recognition of sales from Waterfront@Faber. In 1H16, there was higher sales contributions from The Hillford, Waterfront@Faber, Urban Vista and CityGate. Materials and subcontract costs fell 17% to $173 million accordingly.