ALLGREEN Properties saw net profit improve 36 per cent to $23.4 million in the second quarter ended June 2009 from a year earlier. Revenue rose 14 per cent to $84.6 million against Q2 2008, mainly due to higher income from development properties as a result of increased progress sales recognition compared with the previous period.
Earnings per share increased to 1.47 cents from 1.08 cents. No interim dividend has been declared. H1 revenue rose 2 per cent to $165.4 million. While there was a decent increase in revenue from development properties as a result of increased progress sales recognition, this was offset by the poorer performance of the hotel segment, which suffered a drop in both occupancy and room rates due to the weak economy. Still, H1 2009 net profit increased 52 per cent to $52.7 million.
Allgreen said April and May 2009 marked the start of an improvement in sentiment as buyers responded positively to favourable pricing by Continue reading
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