By Arthur Sim | Posted: 12 August 2011 2238 hrs

SINGAPORE

SC Global Developments Ltd has reported a net profit of S$46.3 million for the quarter ended 30 June, an increase of 88 per cent year-on-year.

Revenue for the quarter was S$261.8 million, an increase of 13 per cent year-on-year.

This was attributed to contributions from progressive revenue recognition of the group’s development projects in Singapore, including Hilltops, Martin No. 38, and Seven Palms at Sentosa Cove.

SC Global said The Marq on Paterson Hill set a new record sale price for Singapore at S$5,842 psf. It added that Martin No. 38 achieved a new benchmark price of S$2,963 psf and Seven Palms, Sentosa Cove achieved a new benchmark price of S$3,606 psf.

While revenue from the group’s subsidiary in Australia, AVJennings Ltd, was lower than last year following the disposal of the Contract Building division in August 2010, SC Global said it increased the total number of lots under control or management by about 20 per cent to approximately 11,300 lots from some 9,500 lots since the beginning of the year.

Earnings per share of 11.19 cents for the quarter (fully diluted basis) was higher than 6.17 cents for the same period last year. No interim dividend was declared for the quarter.

-CNA/ac