Allgreen profits plummet

Allgreen Properties saw its 2008 net profit fall 86 per cent from a year ago, when it recorded big gains. It has warned that this year is shaping up to be a difficult period.

Net profit for the year ended Dec 31 was $67.4 million, compared with$493.5 million a year ago. The company had booked a $362 million fair-value gain from investment properties for 2007.

“2009 is shaping up to be a difficult year for the group with clear evidence of decreasing demand in residential properties, retail, office and tourism,” the developer said in a statement.

“However, with earnings from past property sales and steady income from our investment properties, Allgreen is in a good position to ride out these current difficulties.”

Source : Today – 27 Feb 2009

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