PRIME residential developer SC Global Developments' net profit more than quadrupled to $4.3 million for the third quarter ended Sept 30, from $931,000 for the previous corresponding period. Revenue rose 4 per cent to $30 million.
The group said that Q3 revenue comprised mainly the recognition of sales of the remaining units at The Tomlinson and sale of units at The Boulevard Residence and The Lincoln Modern.Share of profits from the group's associated company in Australia, AVJennings Limited, came to $2.5 million, against a loss of $600,000 for Q3 2006.
For the first nine months, SC Global's net profit doubled to $20.6 million as revenue edged up 4 per cent to $117.9 million.
Q3 earnings per share (EPS) rose to 2.28 cents from 0.75. EPS for the first nine months rose to 12.46 cents from 8.48.
The group said that its recent projects, The Marq on Paterson Hill and Hilltops have received approval to offer the deferred payment scheme which will continue to be available.
With the recent acquisition of sites at Ardmore Park and Sentosa Cove in the third quarter, the group says that it will aim to deliver high quality residential developments in prime locations.
SC Global shares remained unchanged at $2.50 yesterday.
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