Revenue surge boosts Sing Hldgs' Q3 profit

Singapore

PROPERTY development and investment group Sing Holdings posted a net profit of S$2.75 million for the third quarter ended September, up from S$307,000 a year ago.

This came as revenue more than doubled from S$15.41 million to S$35.51 million on the back of progressive recognition of proceeds from the sale of condo units in Robin Residences. Based on construction progress, an additional 18 per cent of the contracted sale of Robin Residences was recognised as revenue in Q3, bringing the cumulative percentage recognised to 76 per cent.