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Property developer IPC Corporation's net profit up 57% for FY14

IPC Corporation on Monday posted a 57.1 per cent increase in full-year net profit to S$28.6 million for its fiscal year ended Dec 31, 2014.

This was despite the property developer and hospitality group's 28.9 per cent drop in sales to S$33.4 million.

"Majority of the apartment units from the Oppama condominium project were sold in 2013, thereby resulting (in) a decrease in revenue for FY2014," it said.

Its earnings, however, were boosted by gains of S$22.7 million from the revaluation of investment properties in Japan, and gains of S$14.8 million on the disposal of investment properties in Japan.

It declared a first and final dividend of 0.25 Singapore cents, and a special dividend of 0.35 cents. This totalled 0.6 Singapore cents, compared to its total dividend of 0.35 cents paid out a year ago.