SC Global Developments has posted a net profit of $13.4 million, an increase of 28 percent from last year’s $10.5 million.
Earnings surged as the property group recognized higher revenue from development projects in Singapore – including The Marq on Paterson Hill, Hilltops and Martin No 38 – as construction went on. According to SC Global, construction for Seven Palms at Sentosa Cove has not yet progressed to where revenue from the sales achieved may be recognized, as construction is still in its early stages.
Net profit also climbed as contribution from AVJennings Ltd, SC Global’s subsidiary in Australia, increased year-on-year.
Group revenue rose 45 percent to $190.6 million during the first quarter, from $131.2 million over the same period last year.
Gross profit rose 46 percent in Q1, in line with the growth in revenue.
Earnings per share during the quarter rose to 3.37 cents, from last year’s 2.67 cents, while net asset value per share increased from $1.21 as of end-2009 to $1.26 as of end-March 2010.