Property developer Sim Lian Group has reported that its net profit for the full year that ended 30 June 2010 jumped 173 percent to $108.2 million from $39.7 million in the previous year, attributed to a surge in revenue from its residential projects.
Revenue also climbed 32 percent on-year to $759.7 million from $575.5 million in the previous year, while total assets increased to $1.01 billion from $862.1 million a year ago.
The company’s development properties increased to $766.2 million from last year’s $676.7 million. This was largely attributed to the completion of land site acquisition at the junction of Tampines Avenue 1 and 10, the completion of Carabelle project which obtained Temporary Occupation Permit (“TOP”) in July and the progress billings for projects like Rochelle At Newton, Parc Lumiere, The Amery, Clover By The Park and The Lincoln Residences.
The company has also announced that it is proposing a bonus issue to its shareholders to reflect its business growth and expansion, as well as give “due recognition” to shareholders for their continued support.
It added that “the Proposed Bonus Issue, if completed, will also increase the accessibility of an investment in the company to more investors, thereby encouraging trading liquidity of the shares in the market.”