Second Chance Properties’ Q2 net profit rises 35%

Mainboard-listed Second Chance Properties has posted a 35 per cent rise in its second-quarter net profit to S$2.9 million.

This came on the back of a 3.4 per cent increase in revenue to S$9.7 million over the same three months ended December 31.

The company said the increase in net profit was mainly due to better performance of its apparel division and the substantial increase in its rental income.

That offset the drop in profits from its gold business segment.

For the half year, the company posted a 30 per cent jump in net profits to S$8.88 million.

Separately, Second Chance has proposed a 1-for-4 bonus share issue.

It said this is to reward shareholders for their support.

The move is also aimed at improving the liquidity of the shares and encourage a wider spread of shareholders.

The bonus issue is subject to approval by the Singapore Exchange.

Source : Channel NewsAsia – 11 Feb 2011

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