http://www.businesstimes.com.sg/sub/...05540,00.html?

Published November 11, 2010

SC Global Q3 profit up 6-fold


PROPERTY developer SC Global Developments Ltd reported that its net profit for the third quarter ended Sept 30 surged to $33.42 million from $5.42 million a year ago.

'The six-fold increase in Patmi (profit after tax and minority interests) was mainly a result of higher revenue recognition for the group's Singapore development projects following the progress of construction as well as higher revenue contribution from the group's Shenyang project,' SC Global said. Earnings per share rose to 8.37 cents from 2.43.

Revenue in the third quarter of 2010 increased 11 per cent to $191.6 million from $172.6 million a year ago.

Higher revenue recognition from the group's development projects, including The Marq on Paterson Hill, Hilltops and Martin No 38, contributed mainly to the increase as construction progressed.

Group revenue also included higher revenue contribution from the group's development project in China - Kairong International Gardens in Shenyang - and revenue from the group's subsidiary in Australia, AVJennings Limited.