Property developer SC Global Developments said its first quarter net profit rose 28 per cent on-year to S$13.4 million.
The better showing was mainly due to higher revenue recognition for the company’s Singapore development projects and higher contributions from its Australian unit AV Jennings.
Revenue increased 45 per cent to S$190.6 million, compared to S$131.2 million for the same quarter last year.
SC Global’s developments include The Marq on Paterson Hill, Hilltops and Martin 38, as well as a project in China, Kairong International Gardens.
Looking ahead, SC Global said barring any unforeseen circumstances, it expects to remain profitable in the next quarter ending June 30.
Source : Channel NewsAsia – 12 May 2010