MCL Land's Q3 net profit up on Mera Spring project

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November 6, 2008, 5.35 pm (Singapore time)

MCL Land's Q3 net profit up on Mera Spring project

By ANGELA TAN


Property developer MCL Land Limited on Thursday reported net profit for the three months ended September 30, 2008 rose to US$13.28 million, from US$2.21 million.

Revenue for the period also grew 210 per cent from a year ago to US$78.07 million compared to US$25.18 million, due mainly to the completion of Mera Spring project.

Chairman YK Pang warns the financial crisis would put a downward pressure on short to medium term prices. He added MCL's performance may be affected by the down ward movements of the carrying values of its development properties.

No dividend was declared.