Property developer SC Global saw its net profit rise 75 percent in the first quarter to S$19.2 million, despite revenue falling 20 percent to S$43 million. But the outlook going forward appears cautious. Like many other developers releasing results in recent days, SC Global said market sentiment has been dampened by the sub-prime fallout in the US. It said medium to long-term fundamentals in the...
developers
Asia Food & Properties has returned to the black in its fiscal first quarter. The firm reported a profit of S$45 million, overturning a loss of S$2.7 million in the year-ago period. Revenue rose 9.5 percent to S$195 million, mainly from its China property business and its food operations. Asia Food & Properties said the outlook for the commercial and hotel sector of the China property business...
Construction firm Chip Eng Seng has reported a 40 percent rise in first-quarter net profit to S$8 million. Revenue rose 33 percent to about S$60 million, boosted mainly by its construction business. Chip Eng Seng's revenue from construction projects jumped 74 percent to S$52.5 million in the first quarter. But its other two divisions, property development and property investment, faired less well with...
Property developer Wing Tai Holdings on Monday said its third-quarter net profit fell 49 percent to about S$28 million. This comes as revenue fell 63 percent to S$110 million. For the nine months, its net profit declined 4 percent to S$133 million. The company said the drop was due to lower revenue and operating profit from its development properties division. It noted that the US sub-prime crisis and...
Conglomerate Fraser and Neave (F&N) on Friday said it is looking to expand its food and beverage business in a bid to rebalance profit contributions from its other businesses. For the half-year ended in March, F&N booked a nearly 12 percent rise in earnings on-year to S$205 million. Revenue rose by the same margin to S$2.5 billion. The property business is driving growth for F&N. Commercial...
Property developer Ho Bee has reported a 62 percent drop in first quarter net profit to S$26 million. Its revenue also fell 62 percent to S$94 million. Ho Bee said this was mainly due to the lower recognition of revenue from a property development project, The Coast at Sentosa Cove. The company also noted that the global economic and financial uncertainties caused by the US sub-prime crisis will continue...
Property developer CapitaLand has completed the compulsory acquisition of the Ascott Group, a serviced-apartments operator. From 28 April, Ascott becomes an indirect wholly-owned subsidiary of the company. It will be delisted from the Singapore Exchange with effect from 29 April. CapitaLand said the privatised Ascott will enhance the company's competitive advantage of having a fully integrated real...
CapitaLand has acquired a prime 30-acre site to build its first IT park and a grade-A office complex in India. The deal was done through its 49 percent-owned associate LOMA IT Park Developers. The site was purchased at a price of S$79 million from Standard Industries, a company listed on the Bombay Stock Exchange and the National Stock Exchange of India. It is located in the Trans Thana Creek industrial...
Mainboard-listed Keppel Land has posted a 3.5 percent drop in quarterly earnings. First quarter net profit came in at S$60.3 million, down from S$62.5 million in the same period last year. This was much lower than a Dow Jones Newswires poll estimate of S$98 million. Revenue fell by 7.6 percent on year to S$273.1 million. The weak earnings came on the back of a cautious property market, following the...
Developer, majority owners back down. After a string of legal tussles, the Finland Gardens en bloc sale has been called off. Lawyers for residents opposing its sale said a High Court appeal ended yesterday when the majority owners in the 48-unit condo withdrew their petition. Joint-venture developers Sing Holdings and Eastern Summer have also backed off. The duo had thought they successfully bought the...