Property developer SC Global saw its net profit rise 75 percent in the first quarter to S$19.2 million, despite revenue falling 20 percent to S$43 million.
But the outlook going forward appears cautious. Like many other developers releasing results in recent days, SC Global said market sentiment has been dampened by the sub-prime fallout in the US.
It said medium to long-term fundamentals in the Singapore market continue to remain sound, which is expected to help underpin the property sector.
Barring unforeseen circumstances, SC Global expects to remain profitable in the next quarter ending June 30. – CNA /ls
Source : Channel NewsAsia – 13 May 2008