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Rowsley reports Q2 profit of S$1.2m
ROWSLEY Ltd, the real estate and investment firm that is currently one of the hottest stocks on the market, said it swung back to profitability for its second quarter ended June 30, 2017.
Net profit was S$1.2 million compared to a S$5.3 million loss a year ago. Revenue was up one per cent to S$22.5 million.
Earnings was boosted by lower project expenses and a S$4.2 million fair value gain due to "remeasurement of the company's purchase consideration payable in the form of share payment at the lower closing share price at June 30, 2017". This refers to shares payable in connection with acquisitions made.
Meanwhile, share of profit from associated companies was positive compared to a loss a year ago, as a result of improved financial performance from design consultancies RSP India and RSP Malaysia.
At end-June, Rowsley completed the acquisition of AC Consortium Pte Ltd, a industrial building design firm in Singapore.
Rowsley, controlled by billionaire Peter Lim, was in the news this week because Mr Lim is planning to inject his 100 per cent stake in Thomson Medical Pte Ltd and 70.36 per cent stake in Bursa Malaysia-listed TMC Life Sciences into the firm.
The counter last traded at S$0.174, up a cent.