Property developer Soilbuild says its second quarter profit rose by 66 percent on-year to S$32.7 million.
This is despite revenue falling by 24 per cent on-year to S$73.6 million.
Soilbuild says the decline in profit was partly offset by fair value gains recognized on revaluation of two projects currently under development for lease.
The firm has declared a maiden interim dividend of 0.5 cents a share.
Looking ahead, Soilbuild says it will continue to remain selective and prudent when bidding for new sites.
Barring unforeseen circumstances, it also expects to remain profitable as Singapore’s economy remains robust.
Source : Channel NewsAsia – 12 Aug 2010