Second Chance's Q3 net profit jumps 72%

Second Chance Properties has reported a 72.32 per cent jump in net profit to $5.4 million in the third quarter, as the disposal of certain securities gave the bottom line a lift.

In the three months to May 31, the group posted a 320 per cent jump in other income to $2.8 million. This profit was recorded after the group accepted a cash offer on the delisting of shares in a Singapore-listed company that Second Chance did not name.

Numbers for the group's core business, however, were less rosy.

Second Chance raked in third-quarter revenue of $9.4 million, down 7.72 per cent from the same period a year earlier.

Takings from the apparel, property investment and securities investing businesses all fell, with the one bright spot being the gold retailing business.

The apparel business declined due to the closure of thirteen shops in Malaysia, one shop in Singapore and the depreciating ringgit.

Second Chance has been in the news lately. Its founder and chief executive, Mr Mohamed Salleh Marican, 67, has picked up the presidential candidacy application forms.

One of the criteria is for the candidate to have run a company with at least $500 million in shareholder equity. As at May 31, the total shareholders' equity was $260.7 million.

Second Chance's third-quarter earnings per share was 0.72 cent, up from 0.42 cent a year earlier. Net asset value per share was 34.81 cents as at May 31, up from 33.92 cents as at Aug 31 last year.

The shares closed unchanged at 25 cents. The results were released after the market closed.

Marissa Lee

A version of this article appeared in the print edition of The Straits Times on June 30, 2017, with the headline 'Second Chance's Q3 net profit jumps 72%'. Print Edition | Subscribe