Boustead Singapore posted a net profit of $12.2 million for its fiscal first quarter ended June 30, up 315 per cent from $2.9 million a year ago, on the back of better operating performance and sizeable other gains. Revenue rose 18 per cent to $107 million.
The group said that as its revenue is largely derived from project-oriented businesses, quarterly results would not accurately reflect the full-year performance.
It recorded sizeable gains mainly from the completed sale of 25 Changi North Rise through its separately listed real estate solutions division under Boustead Projects, as well as forex gains.
Wheelock Properties (Singapore)
Wheelock Properties (Singapore) said its second-quarter net profit fell 33.9 per cent to $25.3 million.
Revenue for the three months to June 30 more than halved to $59.9 million from $128.7 million previously. It is lower due to The Panorama and Ardmore Three having been completely sold last year and lower sales from Scotts Square.
Haw Par Corp
Net profit of Haw Par Corp surged 60 per cent to $82.1 million, due to a 76.3 per cent rise in other income to $62.1 million. Revenue for the three months to June 30 was up 5.9 per cent at $64.1 million.
Haw Par attributed the rise in other income to higher dividend income from strategic investments and higher interest income.
An interim dividend of 15 cents a share was declared, up from 10 cents last year.