SLB Development reports fiscal 1H net profit more than doubled

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SLB Development reported Friday its fiscal first half net profit jumped around 117 percent on-year to S$12 million on the sale of units at several residential projects and a stronger take-up at the under-construction INSPACE project.

Revenue for the six months ended 30 November grew around 110 percent on-year to S$39.9 million, the property developer said in a filing to SGX. 

Three joint venture projects — Affinity @ Serangoon, Rezi 24 and Riverfront Residences — are now nearly completely sold after additional units found buyers over the six-month period, SLB Development said. 

Matthew Ong, executive director and CEO of SLB Development, said the enhancement works at Thye Hong Centre are expected to be completed by the first quarter of this year.

“We look forward to an uplift of the short-term income for the asset, whilst we wait for suitable market conditions to redevelop the building,” Ong said in the statement.

The company said other operating income increased by 62.2 percent on-year in the fiscal first half to S$3.6 million, boosted mainly by S$1.8 million in rental income from Thye Hong Centre. 

In its outlook, SLB Development said property development was still affected by manpower constraints as tighter border controls are limiting the availability of foreign workers. That may delay the completion of some of the company’s projects, SLB Development said.