SC Global Q3 profit up 6-fold

SC Global Developments Ltd reported that its net profit for the third quarter ended Sept 30 surged to $33.42 million from $5.42 million a year ago.

The six-fold rise in profit after tax and minority interests was mainly due to higher revenue recognition for the group’s Singapore development projects (including The Marq on Paterson Hill, Hilltops and Martin No 38) following the progress of construction as well as higher revenue contribution from the group’s Shenyang project (Kairong International Gardens). Earnings per share rose to 8.37 cents from 2.43.

Revenue in the third quarter of 2010 increased 11 per cent to $191.6 million from $172.6 million a year ago.

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