Second Chance expects FY2023 net profit to ‘increase significantly’

REAL estate company Second Chance Properties has announced that the group’s net profit for the financial year ended Aug 31, 2023, will “increase significantly” when compared to the net profit of S$14.2 million for the same period a year ago, based on the management’s preliminary review of the unaudited consolidated financial statements.

It said in a bourse filing on Friday (Oct 20) that the expected increase in net profit is due to the increased dividend income received in FY2023 on quoted securities as well as gain on disposal of investment properties.

There is a realised gain of S$5.4 million upon cash acquisition as well as disposal of a few equity instruments held by the group and classified as financial assets, at fair value through other comprehensive income.   

This gain, however, is taken directly to equity through retained earnings, it said in the filing.

The mainboard-listed company said it is still in the process of finalising the results for FY2023, and expects the unaudited financial statements for the group to be released on or around Oct 30.

Shares of Second Chance Properties closed flat at S$0.235 on Friday, before the announcement.