Top Global swings into the black in Q1

BOUTIQUE property developer Top Global swung into the black in the first quarter ended March 31 with a net profit of S$326,000, from a net loss of S$857,000 a year ago.

Lower cost of sales for development properties offset a 21 per cent drop in revenue to S$25.46 million.

The group is helmed by executive chairman Sukmawati Widjaja, who is also vice-chairman of the family-run Indonesian conglomerate Sinar Mas Group that was founded by her father Eka Tjipta Widjaja.

Top Global is undertaking a delisting of the company to avoid paying extension charges for unsold units in two projects under the qualifying certificate conditions.