Singapore-listed Second Chance Properties' third quarter net profit jumps 72 per cent

Mr Mohd Salleh Marican, chief executive of Second Chance Properties (SCP). PHOTO: SPH
Mr Mohd Salleh Marican, chief executive of Second Chance Properties (SCP). PHOTO: SPH

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

In the three months ended May 31, the group posted a 320 per cent jump in other income to S$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.

The numbers for the group's core business, however, were less pretty.

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

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

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

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

Mr Salleh's company is the first owned by a Malay/Muslim to be listed on the Singapore Exchange.