Singapore Land returns to black with S$108m H1 net profit

Mainboard-listed property developer Singapore Land has returned to the black in the first half of 2010.

It posts a net profit of S$108 million, overturning the loss of some S$272 million over the same period last year.

This is on the back of a 52 per cent increase in revenue to S$260 million for the six months ended June.

Meanwhile, it report a second quarter net profit of about S$60 million.

This also overturns a loss of about S$345 million over the same period last year.

Its revenue for the three months to June rose 68 per cent on-year to S$144 million.

The group says the better performance was due to sales of residential property projects, namely, The Trizon in Singapore and The Excellency in Chengdu, China.

It also says it has higher revenue in Pan Pacific Singapore hotel.

Looking ahead, it says the office market has shown signs of improvement.

It adds that despite the significant increase in retail space, it expects the retail leasing market here to be relatively stable with rising consumer confidence and tourist arrivals.

Source : Channel NewsAsia – 6 Aug 2010

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