Property developer Soilbuild has tripled its net profit for the first quarter, seeing earnings rise to S$19.5 million.
Revenue for the three months to March doubled to S$64.7 million.
The higher revenue contributions came mainly from the firm’s four residential projects – Montebleu, The Centrio and Espa – which are fully sold, and Leonie Parc View.
Its Tuas Lot business space factories also contributed to the improved revenue figures.
The firm also benefited from a fair value gain of S$6.5 million upon revaluation of the Penjuru Logistics Hub, following its completion in January 2009.
Moving ahead, Soilbuild said it will focus on securing cash flows from its ongoing projects and continue to actively manage its costs through increasing efficiency and managing overall expenses.
The firm expects to remain profitable this year with the progressive recognition of revenue from its sold residential property units and higher rental contributions from its leased business space properties.
Source : Channel NewsAsia – 14 May 2009