Published August 15, 2006

SC Global Q2 net profit swells to $8.1m


SC Global Developments' second quarter net profit surged to $8.1 million from $2.4 million a year ago as revenue jumped 77 per cent to $50.1 million.

The strong showing for the quarter ended June 30 boosted the upmarket residential developer's first-half net earnings by 112 per cent to $9.4 million.

Revenue for the six months ended June 30 increased 108 per cent to $84.5 million.

'The better performance achieved in H1 2006 was due to robust sales from the group's development projects, a gain of $5.3 million from the disposal of an investment property at 69/70 Mohammed Sultan Road, and higher interest income,' SC Global said. 'Proceeds from the sale of a super-penthouse unit at The Boulevard Residence were also recorded during the quarter.

'These positive contributors mitigated higher finance costs and lower profit contribution from Australian associate company AV Jennings Ltd.'

SC Global has bought two prime sites this year - Paterson Tower at Paterson Hill, and Hilltops Apartments in Cairnhill.

'With gross floor area of over 800,000 square feet of prime freehold space in the Orchard Road vicinity, the group will be well positioned to benefit from the strong sentiment in the high-end segment of the property market and continued interest in Singapore by international investors,' SC Global said yesterday.