Second Chance Properties suffers 42% drop in second quarter earnings

SECOND Chance Properties has posted a 42.4 per cent drop in second quarter net profit to $3 million.

Revenue for the three months ended Feb 28 rose by 9.6 per cent to $10.1 million.

Quarterly earnings per share slipped to 0.46 cent from 0.95 cent while net asset value per share eased to 33.58 cents compared to 35.72 cents as of Aug 31.

For the first half year, net profit fell by 28.8 per cent to $6.4 million despite revenue rising 4.7 per cent to $19.5 million.

This notwithstanding, the board signalled that it intends to pay a full year dividend of 3.4 cents a share. No interim dividend was recommended.