Property developer Sim Lian Group Ltd announced that its net profit in the first quarter ending 30 September 2011 increased nine times from S$11 million recorded a year ago.
The sudden jump in earnings for the three months ended 30 September 2011 was due to higher revenue contributions from its UB.One industrial property project, which acquired its Temporary Occupation Permit (TOP) during the quarter.
“The group expects a set of profitable operating results for FY2012. However, it is to be noted that the financial result of this quarter as reported will not be repeated in the subsequent quarters because the significantly higher revenue and profit is due to the completion of industrial project UB.One in the first quarter of FY2012,” it said.
Meanwhile, revenue rose 144 percent, from S$108.2 million to $264.2 million. Sim Lian also announced plans to launch an executive condominium project at Tampines Central 7 by early 2012.
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