Second Chance Properties reports 27.94% rise in Q1 net profit

Mainboard-listed Second Chance Properties on Friday said that its net profit for its fiscal first quarter rose 27.94 per cent from a year earlier to S$5.92 million.

Meanwhile, revenue increased 8.89 per cent from the year-earlier period to S$19.3 million.

The company said its apparel, properties and securities units performed well.

The only exception was its gold division, where revenue fell by 6.36 per cent to S$5.9 million.

Second Chance said the decline in its gold business was because of rising prices, which affected sales volumes.

The company added that going forward, its gold unit will likely be affected as prices continue to rise.

But it said other businesses are expected to perform well, in line with the strengthening economy.

Source : Channel NewsAsia – 12 Nov 2010

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