Property developer SC Global has posted a first-quarter net profit of S$72.8 million, 15 times that of the same period a year ago.
This was mainly due to higher revenue recognition for the group’s Singapore development projects as construction progressed, and the effects of the accounting changes relating to the adoption of the Financial Reporting Standard INT FRS 115.
Group revenue for the quarter was S$221.2 million, up 29 per cent from the corresponding period last year.
Group revenue included contributions from progressive revenue recognition of the Group’s development projects in Singapore, including The Marq on Paterson Hill, Hilltops, Martin No. 38, and Seven Palms, Sentosa Cove.
Source : Channel NewsAsia – 12 May 2011