SC Global's profit jump 20% to $237.7m

Thanks to Shenyang project in China.

According to PhillipCapital, SC Global reported 3Q12 revenue of $237.7mn, increased 20% y-y, mainly attributable to contributions from sales of new units and progressive recognition of Seven Palms Sentosa Cove in Singapore.

Here's more from PhillipCapital:

Its project in Shenyang China which obtained TOP for its final phase in the quarter also contributed positively to the revenue. As a result, PATMI increased 9% y-y to $34.6mn in 3Q12.

The positive results also reversed its net loss recorded in 1H12 due to impairments, to report a $2.9mn net profit for the 9M12.

The results overall beat our expectations. The recognition of sales from Shenyang project in 3Q12 helped to reverse its earlier losses but we expect sales progress of its Singapore projects to remain slow going forward, which will continue to weigh down its earnings.

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