Second Chance net profit for H1 2023 to ‘increase significantly’

REAL estate company Second Chance Properties announced that the group’s net profit for the first half of its financial year ending Feb 28, 2023, will “increase significantly” compared to the net profit of S$4.6 million a year ago, based on a preliminary review of unaudited financial statements.

It said in a bourse filing on Monday (Mar 20) that the expected increase in net profit is due to the sale of a few investment properties.

Gains of S$9.46 million have also been realised 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, read the filing.

The mainboard-listed company announced in November last year that the Lew Foundation has exercised the option to purchase its Lucky Plaza units under its subsidiary Better Chance Properties (BCP) for S$13.39 million.

Shares of Second Chance closed flat at S$0.24 on Monday.