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Rowsley's acquisition put company in the black in Q3

ROWSLEY Ltd on Wednesday posted a net profit for the third quarter that stemmed largely from an accounting gain due to an acquisition. This reversed its loss in the year-ago period, during which it also posted zero sales.

Net profit for the three months ended Sept 30, 2014 stood at S$52.6 million. In the year-ago period, the real estate company posted a net loss of S$2.6 million.

The net profit included a S$52.1 million accounting gain linked to its acquisition of RSP, an architectural and engineering practice in Singapore, in September last year. Given the contribution from RSP, the group also reported a revenue of S$21 million in the quarter, compared to no revenue a year ago.