SingHaiyi Group's Q2 earnings surge 58.8%

MAINBOARD-LISTED SingHaiyi Group Ltd posted on Tuesday a 58.8 per cent surge in its second-quarter net profit to S$6.2 million, while first-half earnings more than tripled to S$24.4 million.

For the three months ended Sept 30, 2017, earnings per share was 0.216 Singapore cent, up from 0.136 Singapore cent the year before.

The group recorded total revenue of S$106.7 million for Q2 2018 from S$13.3 million in Q2 2017, arising mainly from the revenue recognised for its completed executive condominium project, The Vales.

In Q2 2017, revenue contribution mainly arose from sales of completed units from Vietnam Town, a 141-unit commercial condominium project in San Jose in the US.

For H1 2018, revenue soared to S$389.6 million from S$24 million the year before.

SingHaiyi closed unchanged at S$0.123 on Tuesday.