MCL Land’s Q3 net profit up 28% to US$172m

Mainboard-listed MCL Land said its third quarter net profit rose 28 per cent to US$172 million despite a 14 per cent decline in revenue to US$362 million.

The developer said its profit rose due to the recognition of sales on the completion of two developments – Waterfall Gardens and D’Pavilion.

The results also included a US$51 million reversal of a write-down on The Estuary development.

The group added that it continues to carry a write-down of US$143 million against a number of its development properties in Singapore.

Going forward, the group expects residential sales in Singapore to moderate, with overall sentiment becoming more cautious due to the implementation of new cooling measures by the government.

The group’s next project, the 180-unit The [email protected], is expected to be completed in the second quarter of next year.

Source : Channel NewsAsia – 25 Oct 2010

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