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SG Hong Fok posts 264% profit surge

Property Here - Thursday, August 15, 2013

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Property group Hong Fok Corporation has reported a net profit hike of 264 percent to S$13.5 million in the second quarter of 2013, media reports said. 

Total revenue also jumped by 135 percent to S$71.1 million. 

The strong performance was driven by healthy sales of residential units at its Concourse Skyline development. Located between Marina Bay and Kallang Bay, the 360-unit project comprises two towers with units ranging from one- to four-bedroom apartments, sky suites, penthouses and super-penthouses. 

Meanwhile, Hong Fok’s other income was supported by compensation income relating to leases on its investment properties as well as interest income, but this was partly offset by loss on disposal of fixed assets and other assets.

Image: Concourse Skyline (Artist's impression)

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@allproperty.com.sg