More revenue recognition from sale of The Laurels lifts earnings at Sing Holdings
Sing Holdings has posted a 7.3 per cent rise in second quarter net profit to $10.2 million, due mainly to higher revenue recognition from its development project.
Revenue for the three months to June 30 jumped by 39.4 per cent to $89.3 million.
The increase was largely attributed to progressive recognition of proceeds from the sale of The Laurels.
Based on construction progress, an additional 11 per cent of the contracted sales of The Laurels was recognised as revenue during the quarter, together with the corresponding costs, bringing the cumulative percentage recognised to 96 per cent.