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Published May 13, 2010

SC Global posts 28% jump in Q1 earnings

By UMA SHANKARI


SC Global Developments yesterday said that its first quarter 2010 net profit rose 28 per cent to $13.4 million from $10.5 million a year ago.

Earnings climbed as the property group recognised higher revenue from its development projects in Singapore - including The Marq on Paterson Hill, Hilltops and Martin No 38 - as construction progressed. Construction for Seven Palms at Sentosa Cove is still in the early stages and has not yet progressed to where revenue from the sales achieved may be recognised, SC Global added.

Net profit also increased as contribution from AVJennings Limited, the company's subsidiary in Australia, rose year-on-year.

Group revenue for the first quarter was $190.6 million, up 45 per cent from $131.2 million for the corresponding period last year.

Gross profit during the quarter increased by 46 per cent, in line with the increase in revenue.

Earnings per share rose to 3.37 cents in Q1 from 2.67 cents a year ago, while net asset value per share was $1.26 as of end-March 2010, up from $1.21 at the end of 2009.

SC Global shares gained 2 cents, or 1.2 per cent, to close at $1.63 yesterday