SC Global Developments has reported a net profit fall of 32 per cent, to $7.8 million, for the second quarter ended June 30 from a year ago, dragged down by losses at its Australian unit AVJennings Ltd (AVJ) as well as a higher provision for share-based payments tied to incentive performance targets.
Revenue septupled to $226.4 million from the inclusion of revenue from AVJ. The group had in December 2008 raised its stake in AVJ to 50.03 per cent, making the latter a subsidiary.
Revenue during the quarter included progressive recognition of development projects in Singapore, including The Marq on Paterson Hill and Hilltops, based on progress of construction. Construction of another project, Martin No 38, also progressed to the stage where its maiden revenue recognition was included. In addition, revenue was recognised from Kairong International Gardens in Shenyang, China. Continue reading
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