United Engineers Ltd (UE) announced an year-on-year increase of 39 per cent in its second quarter net profit to S$33.4 million. This is up from S$24.1 million recorded for the quarter a year ago. Its revenue, however, registered a decrease of 13 per cent from S$184.9 million to S$160 million. UE said this is mainly due to lower profit recognition of revenue from property sales at Park Central @ AMK and...
Developer News
City Developments (CDL) on Friday announced a 17 per cent year-on-year increase in its second quarter net profit to S$220.9 million. The company also registered a 0.2 per cent drop in its revenue to S$979.4 million. The group said that property development continues to be a major contributor to the group's profits, which include hotel operations and rental properties. Hotel operations benefited from the...
SC Global Developments Ltd has reported a net profit of S$46.3 million for the quarter ended 30 June, an increase of 88 per cent year-on-year. Revenue for the quarter was S$261.8 million, an increase of 13 per cent year-on-year. This was attributed to contributions from progressive revenue recognition of the group's development projects in Singapore, including Hilltops, Martin No. 38, and Seven Palms at...
Mainboard-listed Pan Hong Property Group (PHP) has reported a 195.1 per cent year-on-year increase in its net profit for the first quarter ended June to RMB40.3 million, up from RMB13 million a year ago. In a statement released on August 11, PHP said its revenue for the period also rose 29.5 per cent to RMB114.2 million, up from RMB88.1 million last year. This was mainly attributed to the delivery of 35...
Ho Bee Investment has announced a net profit of S$111.7 million for the six months ended 30 June, a 34 per cent decrease compared to the previous corresponding period. Ho Bee said the decrease in attributable profits was due to the 36 per cent decrease in group turnover from S$366.5 million to S$236.2 million, as a result of higher revenue recognition from development properties in the same period last...
Developers here are building more office space in the city's suburbs as companies including Credit Suisse and Deutsche Bank shift some operations away from downtown to cut costs, according to Cushman and Wakefield. The city's supply of suburban office space is expected to rise to 920,000 sq ft in 2014, five times the 190,000 sq ft that is expected to be completed this year, the world's largest privately...
United Industrial Corporation (UIC) has reported a 23 per cent year-on-year increase in net profit to S$136.7 million for the second quarter ended June 30. The company said it posted a fair value gain of S$147.8 million to its income statement for the quarter, based on valuations by independent professional valuers. The valuations were for investment properties held by subsidiary companies. Net profit...
CapitaLand said its second quarter net profit rose 17.4 per cent to S$399 million. That's up from a re-stated S$339.7 million profit in the same period a year ago. CapitaLand, which is southeast Asia's biggest developer, attributed the gain to higher development income in Singapore, fair value gains, and the sale of a residential site in China. Revenue climbed 25 per cent to S$740.4 million. CapitaLand...
Wheelock Properties' profit before tax for its half year ended 30 June fell 33 per cent to S$107 million. For the same period, revenue dropped 40 per cent to S$170 million. Wheelock Properties attributed the decline in revenue largely to the completion of Ardmore II and Orchard View in the second quarter of last year, as well as lower revenue recognition from Scotts Square based on the progress of...
SGX-listed Yanlord Land Group announced on Monday that it has sold 58.4 per cent, or 181 out of its 310 apartment units, at its inaugural launch of Yanlord Riverside Gardens in Tianjin, China. Yanlord Riverside Gardens is the group's second international community development in Tianjin and contracted a total of 572 million yuan in pre-sales. The real estate developer said that despite market...