SC Global Developments, a property developer of exclusive high-end luxury residences, has posted a five-fold increase in its Q2 net profit, to $40.4 million from $7.8 million over the same period last year.
This was attributed to the higher revenue recognition from development projects such as Martin No. 38, Hilltops and The Marq on Paterson Hill.
Revenue for the second quarter also increased 18 percent to $267.7 million from $226.4 million.
“We are very pleased with the group’s strong performance,” said Simon Cheong, chief executive of SC Global. “Operationally, our developments under construction in Singapore are proceeding as planned and have resulted in higher revenue recognition based on the progress of construction.”
For H1 2010, the company recorded a 194 percent increase in net profit to $53.8 million from $18.3 million in the previous year, while group revenue jumped 28 percent to $458.4 million from $357.6 million. The increase in revenue was largely due to the company’s development project in China, Kairong International Gardens, as well as its subsidiary, AVJennings in Australia.