Property developer Bukit Sembawang Estates says group revenue for the first quarter ended 30 June 2010 was $34.4 million as compared to $6.4 million in the prior corresponding period.
Accordingly, the net profit before tax increased by 706.1% from $1.8 million in the prior corresponding period to $14.8 million for the quarter ended 30 June 2010.
The increase was mainly due to higher profit recognition on a higher number of development projects, namely Parc Mondrian, Paterson Suites, Verdure, The Vermont on Cairnhill and Luxus Hills Phase 1, for the quarter ended 30 June 2010 as compared to profit recognised on only two development projects, Parc Mondrian and Paterson Suites, in the prior corresponding period.
Source : The Edge – 6 Aug 2010