Friday, May 4, 2012

SC Global forecasts $10m net loss in first quarter

Business Times: Wed, May 02
PROPERTY developer SC Global is expecting a net loss of $10 million for the quarter ended March 31.

The firm has released a market update and guidance on its Q1 financial results, saying the expected loss compared with its $72.8 million net profit reported in the corresponding quarter of 2011.

It said the decrease is mainly attributed to lower sales and lower revenue compared with 2011, which saw projects such as The Marq on Paterson Hill, Hilltops and Martin No. 38 receive their TOP.

The company said the new INT FRS 115 accounting standard prevents overseas contributions from being recognised till completion. Thus, SC Global's subsidiaries - Kairong Developments in China and AVJennings in Australia - can have their contributions shown only upon handover of developments, it said.

SC Global also noted the cautious sentiment in the residential market, and urged shareholders to act cautiously, with the "long- term nature" of the real estate business in view.

The company's net profit in 2010 and 2011 was $92.9 million and $132.2 million, respectively.
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