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
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