GYP Properties Q2 net profit up by 35.4% to S$2.03 million

MAINBOARD-LISTED GYP Properties - the former Global Yellow Pages - held up its bottom line in the second quarter by paring its costs, even after selling off its food and beverage and online and print directory businesses in the year before.

Net profit was up by 35.4 per cent year on year, to S$2.03 million for the three months to Dec 31, 2019, on a 1.9 per cent uptick in revenue, to S$2.27 million, according to unaudited results released on Friday evening.

Earnings per share were 0.747 Singapore cent, up from 0.556 Singapore cent, while net asset value was 27.87 Singapore cents a share, against 27.59 Singapore cents as at June 30, 2019.

For the half year, net profit more than halved, falling to S$842,000 from S$1.92 million without contributions from the discontinued operations, as revenue dipped by 1.4 per cent to S$4.54 million.

Watch-listed GYP, which focuses on investments in New Zealand real estate, said in its outlook statement that it has soft-launched the second stage of its Remarkables Residences project, with the first stage on track to be completed by the first half of 2020.

The marketing and sale of housing lots at the 500-home Bellfield estate, in the Auckland suburb of Opaheke, is also in progress, the group added.

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No dividend was recommended for the period, unchanged from the year before, with the board saying that funds have been set aside for GYP's development properties.