MCL Land's Q2 Net Profit Up 45% To US$3.2 Mln

Source : The Business Times, July 31, 2008

MCL Land said on Thursday that second-quarter net profit rose 45 per cent to US$3.2 million, from US$2.2 million a year ago.

Revenue for the three months ended June 30, 2008 however fell to US$353,000, from US$133.5 million in 2Q 2007.

The group benefited from higher operating income even as sales slipped. In the company's financials, 'other operating income' rose to US$3.1 million in 2Q 2008, from US$515,000 for the same three months in 2007.

Earnings per share for the second-quarter rose 43 per cent to 0.86 US cents, from 0.6 US cents a year ago.

'The current uncertain economic conditions have led to a slowdown in the residential property market in Singapore,' the company said in a filing to the Singapore Exchange. However, medium to longer-term prospects remain positive, it added.

The completion of Mera Springs and The Esta in Singapore in the second half of the year should benefit MCL Land's overall performance in 2008, the company said.

In 2Q 2008, the developer launched no new projects in Singapore. All projects previously launched are fully pre-sold, with the exception of two units at Hillcrest Villa, MCL Land said.

Shares of MCL Land lost two cents to close at $1.26 on Thursday. -- UMA SHANKARI, BT NEWSROOM