mr funny
27-10-10, 01:13
http://www.businesstimes.com.sg/sub/companies/story/0,4574,410158,00.html?
Published October 26, 2010
MCL Land Q3 net nosedives to US$8.8m
Plans are afoot for MCL Land to be delisted from the Singapore Exchange
By WINSTON CHAI
A SHARP drop in sales dragged MCL Land's third quarter net profit down a staggering 91 per cent to US$8.84 million, from US$96.4 million a year earlier.
Earnings per share for the three months ended Sept 30 plunged to 2.39 US cents, from 26.06 US cents in 2009.
MCL Land saw its Q3 sales dive 83 per cent to US$46.58 million, from US$277.68 million last year as it recorded less revenue from completed projects during the period.
'Market conditions have remained satisfactory in the third quarter of the year due to positive economic conditions.
'The implementation of recent government policies on Aug 30, 2010 has, however, moderated demand and price expectations in the residential property market,' the developer said in a statement yesterday.
The next MCL Land project that is due for completion is The Peak@ Balmeg, a 180-unit condominium in the Pasir Panjang area that is expected to be ready by Q2 2011.
On a nine-month basis, MCL Land's net income rose 28 per cent to US$171.76 million, while sales dipped 14 per cent to US$362.16 million.
The results included a US$51 million reversal of a write-down on a development called The Estuary, the company said in a statement yesterday.
MCL Land continues to carry a write-down of US$143 million against a number of properties in Singapore.
The firm's nine-month revenue tally was driven largely by the recognition of sales on the completion of two projects - Waterfall Gardens and D'Pavillion.
In the corresponding period last year, the company recorded revenues from three completed developments.
MCL Land is currently en route to being delisted from the Singapore Exchange.
In August, its parent Hongkong Land, which owns 78.3 per cent of the developer, announced a voluntary offer to acquire the MCL Land shares it does not own at $2.45 a piece.
The company's small free float, low trading activity, and compliance costs were cited as the key reasons for the planned delisting.
The proposal is subject to shareholder approval at an extraordinary general meeting on Nov 23.
MCL Land shares closed one cent higher at $2.44 before its Q3 earnings were released.
Published October 26, 2010
MCL Land Q3 net nosedives to US$8.8m
Plans are afoot for MCL Land to be delisted from the Singapore Exchange
By WINSTON CHAI
A SHARP drop in sales dragged MCL Land's third quarter net profit down a staggering 91 per cent to US$8.84 million, from US$96.4 million a year earlier.
Earnings per share for the three months ended Sept 30 plunged to 2.39 US cents, from 26.06 US cents in 2009.
MCL Land saw its Q3 sales dive 83 per cent to US$46.58 million, from US$277.68 million last year as it recorded less revenue from completed projects during the period.
'Market conditions have remained satisfactory in the third quarter of the year due to positive economic conditions.
'The implementation of recent government policies on Aug 30, 2010 has, however, moderated demand and price expectations in the residential property market,' the developer said in a statement yesterday.
The next MCL Land project that is due for completion is The Peak@ Balmeg, a 180-unit condominium in the Pasir Panjang area that is expected to be ready by Q2 2011.
On a nine-month basis, MCL Land's net income rose 28 per cent to US$171.76 million, while sales dipped 14 per cent to US$362.16 million.
The results included a US$51 million reversal of a write-down on a development called The Estuary, the company said in a statement yesterday.
MCL Land continues to carry a write-down of US$143 million against a number of properties in Singapore.
The firm's nine-month revenue tally was driven largely by the recognition of sales on the completion of two projects - Waterfall Gardens and D'Pavillion.
In the corresponding period last year, the company recorded revenues from three completed developments.
MCL Land is currently en route to being delisted from the Singapore Exchange.
In August, its parent Hongkong Land, which owns 78.3 per cent of the developer, announced a voluntary offer to acquire the MCL Land shares it does not own at $2.45 a piece.
The company's small free float, low trading activity, and compliance costs were cited as the key reasons for the planned delisting.
The proposal is subject to shareholder approval at an extraordinary general meeting on Nov 23.
MCL Land shares closed one cent higher at $2.44 before its Q3 earnings were released.