Property developer Soilbuild saw its net profit fall 47 per cent on year in the first quarter to S$10.3 million.
Revenue fell 50 per cent to S$32.5 million.
The company said the poorer showing was due to a reduction in fair value gains from investment properties and derivative financial instruments in the same period a year ago.
It also cited the absence of contributions from three residential property projects which were completed in 2009.
However, during the first quarter Soilbuild made S$110 million from new sales of 96 residential and business space units.
The company said business space rental income also grew by 40 per cent on year in Q1 due to higher contributions.
Soilbuild said it remains on track to meet its S$40 million target for recurrent rental income when its development, Solaris at One-North, is completed in the fourth quarter of this year.
Going forward, the group said it expects to remain profitable in 2010 with the progressive recognition of revenue from sold residential and business space units in the second half of the year.
Source : Channel NewsAsia – 12 May 2010