Weehur payout more than 50% profit as dividend or minimum 2cents per year since listed. With strong earning from premier@kaki bukit and urban residences top, and progressive earning from parc centros and operation of Singapore largest worker dormitory in August , we can expect a special dividend on top of the usual 2 cents. I expect dividend yield will be double digits based on current share price....enjoys
In 2011, the Group adopted INT FRS 115 - Agreements for the Construction of Real Estate that was issued with an Accompanying Note that considers the application of the interpretation for uncompleted residential projects under Singapore legal framework.
INT FRS 115 clarifies when revenue and related expenses from a sale of a real estate unit should be recognised if an agreement between a developer and a buyer is reached before the construction of the real estate is completed. INT FRS 115 determines that contracts which do not classify as construction contracts in accordance with FRS 11 - Construction Contracts can only be accounted for under the percentage of completion (POC) method if the entity continuously transfers to the buyer control and the significant risks and rewards of the work in progress in its current state as construction progresses.
Upon the adoption of INT FRS 115, the Group continues to recognise revenue and profit based on POC method for sale of residential development properties under the progressive payment scheme in Singapore.
If the percentage of completion (POC) method across the board had been continued, the Group's financial results for 2013 would have been:-
Statement of Profit or Loss and Other Comprehensive Income S$' 000
Revenue 500,105
Cost of work done 365,862
Gross profit 134,243
Income tax expense 18,695
Net profit for the period 92,313
Net profit attributable to Equity holders of the Company 59,693
Weehur announced 2 cents dividend as usual, despite of blockbuster profit. Is that the reason why the market disappointed after the earning announcement?
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