SoilBuild's Q3 Net Profit More Than Doubles

Source : The Business Times, November 6, 2008

Property group SoilBuild Group Holdings Ltd on Thursday reported net profit for the third quarter ended September 30, 2008 more than doubled to S$15.35 million from S$4.57 million a year ago.

Revenue for the quarter rose 159 per cent from a year ago to S$68.37 million, due to revenue recognition of some residential projects including Montebleu and Leonie Parc View.

Barring unforeseen circumstances, the group expects to perform better this year with the progressive recognition of revenue from the sold residential property units and the full-year rental contribution from the leased business space properties.