Soilbuild Group books 2% rise in H1 earnings to S$29.3m

By Pamela Almeda, Channel NewsAsia | Posted: 14 August 2008 2150 hrs

SINGAPORE : Mainboard-listed Soilbuild Group Holdings has posted a 2 per cent increase in first-half earnings to a record S$29.3 million.

For the six months ended June, revenue for the company rose by 166 per cent on-year to S$119.7 million.

The growth was boosted by contributions from its five residential developments, including maiden income from Leonie Parc View and The Centrio.

Rental income from its business space properties also contributed to its earnings.

Currently, Soilbuild has a pipeline of about 3.7 million square feet of business space under development.

Going forward, Soilbuild is looking at strengthening its capital base and expand its business space portfolio.

It is proposing to raise S$60 million through a rights-cum-warrant issue to existing shareholders.

This will be on a 1-for-10 rights basis, with an issue price of 75 Singapore cents per rights share, with three free warrants.

The four-year warrants have an exercise price of 75 cents. - CNA/ms