Mainboard-listed MCL Land said its first quarter net profit jumped to US$48.7 million (S$46.6 million) for the period ended March 31.
This compared to net profit of US$1.4 million posted in the same quarter a year ago.
The higher profit is due to the write back of an impairment charge of US$51 million for The Estuary, a condominium project.
Meanwhile, the company continues to carry an impairment charge of US$134 million for a number of its other developments.
Revenue for the quarter plunged 97 per cent to US$228,000, compared to US$8.3 million last year.
The company said the group revenue only reflect rental income from its investment properties.
Looking ahead, MCL Land said a better economy has boosted the residential property market.
It further expects its full year results to benefit from the completion of two other developments and the write back of the impairment charge.
Source : Channel NewsAsia – 29 Apr 2010