Mainboard-listed Allgreen Properties on Wednesday said its second-quarter net profit rose 36.2 per cent to S$23.4 million from a year earlier.
This comes as the developer’s revenue rose and operating expenses fell in the three months to June.
Turnover increased 14 per cent to S$84.6 million due to higher revenue from development properties.
Allgreen said it has benefited from the improving buying sentiment in the second quarter as it sold more units in various developments.
It launched One Devonshire in June and it has so far sold 148 units out of a total of 152 units.
The developer also relaunched the 235-unit condominium, Viva at Suffolk Walk, earlier this month and it said 162 units have been sold to date.
Looking ahead, with the increased property sales, it expects the performance of the second half to be better than that of a year ago.
Source : Channel NewsAsia – 12 Aug 2009
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