PropNex gains 1.9% on news of record interim profit and dividend

[SINGAPORE] Shares of property group PropNex ended 1.9 per cent higher on Tuesday (Aug 12) after it reported a record half-year performance.

The counter was initially down nearly 5.6 per cent or S$0.09 at 9.01 am, declining from S$1.61 to S$1.52. It had surged over the past month and rose 8.8 per cent or S$0.13 on Monday as investors anticipated robust results amid a reinvigorated property market.

The drop came despite the group reporting a record net profit of S$42.3 million for its first half-year ended Jun 30, more than double from the year-ago period. Its proposed interim dividend of S$0.05 a share is also the highest in its history.

It later reversed the losses to close S$0.03 up at S$1.64.