SC Global Q1 net profit up 75%
Posted by lushhomeonline on May 13, 2008
SC Global Developments Ltd said net profit for the three months to end March 2008 rose 75 per cent to $19.21 million.
Revenue however slopped 20 per cent to $43.14 million.
During the quarter, the group began revenue recognition of its development project at The Marq on Paterson Hill based on progress of construction.
Group revenue also included contributions from the group’s development projects at The Lincoln Modern and Kairong International Gardens in Shenyang.
The Group had a low level of remaining inventory of completed properties for sale as compared to last year where revenue was attributable to sales of completed properties.
Contribution from the group’s associate company in Australia, AVJennings Limited decreased slightly to $1.7 mil from $2.3 mil in the same period last year.
The group maintained a healthy cash and cash equivalent position of $67.9 million as at March 31, 2008.
Baring any unforeseen circumstances, the
SC expects to remain profitable in the next quarter ending 30 June 2008. — BT newsroom
Source : Business Times - 13 May 2008
