Evergro Properties posts 178% rise in full-year net profit

Singapore mainboard-listed Evergro Properties has posted a 178 per cent increase in full-year earnings.

Net profit for the year ended in December came in at S$545,000.

Revenue for the period rose 9.8 per cent to S$43.6 million.

According to the property firm, sales last year were primarily driven by its projects in China, namely Changzhou and Tianjin, adding S$36.8 million to its coffers.

Evergro noted that sales have been hurt by the global economic downturn.

It expects recent stimulus measures by the Chinese government to help prop up sliding demand.

Source : Channel NewsAsia – 19 Jan 2009

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