SC GLOBAL Developments has reported profit after tax and minority interest (Patmi) of $19.2 million for the first quarter ended March 31 - an increase of 75 per cent over $10.9 million a year earlier.
Gross profit increased 22 per cent year- on-year. SC Global said higher selling prices were achieved, resulting in a higher gross margin of 58 per cent versus 38 per cent a year earlier. Group revenue fell 20 per cent to $43.1 million, from $54 million a year earlier.SC Global said it had a low inventory of completed properties for sale compared with last year, when revenue was attributed to sales of completed properties.
During the quarter, it began revenue recognition of The Marq on Paterson Hill based on progress of construction.
Revenue also included contributions from The Lincoln Modern and Kairong International Gardens in Shenyang, China.
Contribution from the group's associate company in Australia, AVJennings (AVJ), fell to $1.7 million, from $2.3 million a year earlier. SC Global said this was due to the absence of revenue from a land syndication arrangement with a joint-venture partner in the corresponding quarter last year. AVJ reported that, except for New South Wales, sales in all states were satisfactory.
Inventories, including development properties, under the group's balance sheet comprise mainly projects under construction and land.
The liabilities of the group and company fell $10 million and $28 million respectively to $23.1 million and $5.1 million. The group had a cash and cash equivalent position of $67.9 million on March 31.
SC Global said it expects to debut a new project in Martin Road and the second phase of its residential units at Kairong International Gardens in the second half of 2008.
Earnings per ordinary share for the quarter on a fully diluted basis was 4.71 cents, up from 3.57 cents a year earlier.
SC Global's share price closed three cents higher at $1.51 yesterday.
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