SC Global’s full-year profit rises 57% to S$44.5m

Mainboard listed property developer SC Global said its full-year profit rose 57 per cent on-year to S$44.5 million.

The bottomline was lifted by the progressive recognition of sales from the group’s development projects in Singapore and China.

Revenue for the year was unchanged at S$129 million.

SC Global booked a fair value gain of S$33 million for the year on its investment property called Newton 200.

But this was mostly offset by a writedown for property sites it bought at Ardmore Park and Sentosa Cove.

Going forward, SC Global said the current economic downturn will likely continue to dampen sentiment for properties.

But it said baring unforeseen circumstances, it expects to remain profitable for the next quarter and the year ending 31 December 2009.

Source : Channel NewsAsia – 24 Feb 2009

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