Second Chance posts record profits

PROPERTY and retail group Second Chance Properties (SCP) yesterday reported a record net profit of $57 million for the year ended Aug 31, thanks mainly to profit booked on revaluation of its properties.

Revenue for the 12 months ended Aug 31 was $54 million, compared to $64.6 million for the 14 months ended Aug 31, 2012. Net profit for the 14 months was $30.5 million. The company has undertaken a change in financial year end. Because of this change it would not be possible to accurately compare 2013 and 2012 figures, said SCP in its results announcement.

Profit from operations for FY2013 was about $17 million and the gain on fair valuation of properties was about $43 million. For 2012's 14-month period, the revaluation gain was $10.5 million.