Developers | Lush Dream Home

RETAIL-cum-properties group Second Chance Properties yesterday reported a 95.4 per cent plunge in net profit to $628,000 for its financial fourth quarter ended June 30, 2009 – from $13.5 million for Q4 FY2008.

The chief cause was a Q4 shift in fair value changes for properties – to a $1.32 million deficit from a $13.8 million gain for the previous Q4.

The Q4 results would have been worse if not for a 97 per cent fall in deficit on fair valuation of securities held for trading – to $230,000 from $7.64 million.

Not helping was a 39.8 per cent dive in Q4 revenue to $9.3 million and an even bigger 55.1 per cent drop in gross profit to $4.86 million.

The Q4 performance resulted in a 56.7 per cent plunge in net profit to $10.4 million for the full year ended June 30, 2009 – from FY2008’s $24.1 Continue reading →

Guocoland reports loss of S$70.2m on revaluation loss on property, write-downs

Posted on 28 Aug 2009 | Comments Off

Mainboard-listed developer Guocoland has posted a full year net loss of S$70.2 million, reversing a S$161.8 million net profit in the previous financial year.

The net loss was mainly due to a revaluation loss of S$81million on its Tung Centre property, write-downs in values of development properties in Malaysia and foreign exchange losses.

Revenue for the financial year ended June fell 24 per cent to S$513 million, mainly because of lower contribution from development properties in Singapore and China.

Guocoland believes that property values in Singapore and China have improved in recent months.

It said buying sentiment continues to be strong in Singapore, especially in the mass market and mid-end segments.

The developer will be launching a freehold condominium project at the East Coast later this year.

Source : Channel NewsAsia – 27 Aug 2009