Developer Allgreen Properties reports full-year net profit of S$493m

Developer Allgreen Properties says its full year net profit jumped more than six fold to S$493 million.

Its earnings were boosted mainly by fair value gains on its investment properties.

Excluding the fair value gains, net profit would have nearly doubled on year to S$145 million.

Revenue rose 19 percent to S$569 million.

The company benefitted from higher sales of properties as a result of the buoyant market.

On Thursday, Allgreen shares rose 2 cents to S$1.28.

Allgreen is recommending a final dividend 5 cents a share. – CNA/ch

Source : Channel NewsAsia – 28 Feb 2008

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