Second Chance Properties expects H1 net profit to ‘decrease significantly’

MAINBOARD-LISTED company Second Chance Properties expects net profit for its first half ended Feb 29, 2024 to “decrease significantly” on year.

This is compared to net profit of S$9.2 million in the same period a year earlier, the company said in a bourse filing on Tuesday (Mar 19).

The expected decrease is likely due to lower gains on disposal of investment properties in H1. The company disposed of two investment properties this year, while it had seven disposals in 2023.

Second Chance Properties also recorded unrealised foreign exchange gains in H1 2023, but expects it will post unrealised foreign exchange losses in H1 2024.

It said it is still in the process of finalising the results, and expects its unaudited financial statements to be released on or around Mar 27.

Shares of Second Chance Properties closed flat at S$0.23 on Tuesday, before the announcement.