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Second Chance Properties Q4, full-year net profit slump on absence of fair value gain

SECOND Chance Properties on Monday reported an 88 per cent slide in net profit to S$5.7 million, on the back of a 16.1 per cent decline in revenue to S$17.9 million for its fourth quarter ended Aug 31, 2014.

This brings the property and retail group's full-year net profit to S$16.5 million, a 71.1 per cent fall from a year ago.

Contributions from its apparel, gold and properties segments fell due to the closure of some outlets, the lower retail price of gold, and the absence of a fair value gain on its properties respectively.

"There was a substantial increase of S$42.95 million in the fair value of properties in FY2013 as compared to an increase of only S$0.30 million in FY2014. The increase in value in FY 2013 was in tandem with the rising commercial real estate market," it said.

Full-year revenue also fell 10.1 per cent to S$48.5 million.

The group declared a dividend of 3.5 Singapore cents per share for FY2014, of which 2.0 Singapore cents has been paid earlier as interim dividends, and the remaining 1.5 Singapore cents will be paid out in January 2015.

Barring any unforeseen circumstances, it intends to distribute a dividend of no less than 3.55 cents per share for FY2015, it said.