SC Global Developments has reported a net profit of $11.47 million for Q2 2008, an increase of 117 per cent compared to $5.28 million for the corresponding period a year ago.
Revenue for the quarter was $32.4 million, marginally lower compared to $34 million in Q2 2007. This was attributed to revenue recognition from residential units sold in its Singapore development projects namely, The Marq on Paterson Hill and Hilltops. SC Global said that this was the first quarter of revenue recognition for Hilltops.It also said that the group's development project under its Kairong brand in Shenyang, China, named Kairong International Gardens also made a positive contribution for the quarter as construction progressed.
Gross Profit for the quarter increased 116 per cent to $16.5 million compared to $7.7 million a year ago. This was attributed to higher selling prices achieved for its Singapore development projects. Gross margins were 51 per cent for the quarter as compared to 23 per cent in 2007.
Contribution from the group's associate company in Australia, AVJennings Ltd, was $1.5 million as compared to $2.9 million in the same corresponding period last year.
Earnings per share for the period is 2.90 cents, up from 1.65 cents (adjusted) a year ago.
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