Singhaiyi Q2 profit falls 75% to S$1.86m

Singapore

PROPERTY developer Singhaiyi Group reported a 75 per cent drop in net profit to S$1.86 million for the second quarter from S$7.34 million a year ago, largely due to exceptional one-off items which were booked in the previous period.

The group said the lower bottom line was mainly due to the exceptional items such as the provisional day one gain of some S$12.8 million from the acquisition of Tri-Country Mall, a major shopping mall in Cincinatti, Ohio, in the second quarter period a year ago.