Singapore-based Popular Holdings has posted an 87-percent increase in net profit to $2.6 million for the second quarter ended 31 October 2010, from $1.4 million over the same period last year.
Popular’s turnover in Q2 jumped 11 percent to $124.1 million. The half year turnover, however, dropped 8 percent to $245.6 million from $266.5 million a year ago. Net revenue before tax fell 29 percent to $13.5 million in H1 2011 from $19 million in the previous year, while net profit declined 28 percent to $10.7 million.
Higher profit before tax and revenue recorded in the first half of last year was largely attributed to sales of units in the company’s first property development – One Robin.
Excluding the sales for its property development division for the two periods, the company’s turnover climbed 5 percent to $235.3 million in H1 2011 from $225.1 million in H1 2010. The company’s profit before tax also rose 23 percent to $14.1 million from $11.5 million in the previous year.
Popular said its property development division achieved a revenue of approximately $10.3 million, attributed to the good recognition from its second project, 18 Shelford.
“Despite cooling measures, we are glad that the average sale price of 18 Shelford has set a benchmark in the Shelford area,” said Chou Cheng Ngok, chairman of Popular Holdings.
The company’s third project, 8 Raja, was launched in October this year and construction works are expected to begin in early 2011.
Looking forward, the company said there are still uncertainties in the world economy. “The group is mindful of these and will continue to prudently manage its businesses. Cash conservation for expansion, future acquisitions, strategic collaborations and/or investments remains one of the board’s objectives,” it said.