Allgreen Q3 net profit more than doubles to S$74m on higher property sales

Mainboard-listed Allgreen Properties said its third quarter net earnings more than doubled from a year ago to S$74 million.

The developer’s revenue for the three months ended September surged 159 per cent to some S$293 million.

Allgreen said the strong earnings were mainly due to higher contribution from its property development segment.

The two main projects that contributed to higher sales in the quarter were One Devonshire and Viva.

Given the improved sentiment in the property market, Allgreen said excluding fair value adjustments and barring unforeseen circumstances, it expects to have a much improved 2009 over 2008.

Source : Channel NewsAsia – 2 Nov 2009

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