Second Chance Properties doubles first-half earnings on assets sale

SINGAPORE – Mainboard-listed Second Chance Properties doubled its earnings to $9.21 million for the first six months to end-February, from $4.6 million a year earlier, thanks to gains from disposal of assets.

The bottom line includes a gain of $4.33 million on the sale of investment properties, the company said in a statement on Wednesday.

Revenue for the first half of its financial year 2023 declined 8 per cent to $14.83 million, from $16.12 million in the year-ago period.

The company also realised a gain of $9.46 million from the trading of some equity instruments held as financial assets. However, the gain from these transactions was taken directly to its balance sheet and not its income statement.

Led by founder and chief executive Salleh Marican, Second Chance Properties has been steadily diversifying away from its traditional retail business to become a holding company for property investments and financial instruments.

Property investments currently account for some $5.41 million of its first-half earnings before interest, tax and unallocated expenses. The second-largest component in its pre-tax earnings is securities and financial assets at $5.26 million, followed by gold retail at $1.45 million. Its retail business, dealing predominantly in clothes, has been gradually shrinking.

Known for its generous dividend policy, the company on Wednesday paid out a dividend of one cent per share on its financial year 2022 earnings.

The stock closed unchanged at 24.5 cents on Wednesday before its earnings announcement.

SINGAPORE – Mainboard-listed Second Chance Properties doubled its earnings to $9.21 million for the first six months to end-February, from $4.6 million a year earlier, thanks to gains from disposal of assets.

The bottom line includes a gain of $4.33 million on the sale of investment properties, the company said in a statement on Wednesday.

Revenue for the first half of its financial year 2023 declined 8 per cent to $14.83 million, from $16.12 million in the year-ago period.

The company also realised a gain of $9.46 million from the trading of some equity instruments held as financial assets. However, the gain from these transactions was taken directly to its balance sheet and not its income statement.

Led by founder and chief executive Salleh Marican, Second Chance Properties has been steadily diversifying away from its traditional retail business to become a holding company for property investments and financial instruments.

Property investments currently account for some $5.41 million of its first-half earnings before interest, tax and unallocated expenses. The second-largest component in its pre-tax earnings is securities and financial assets at $5.26 million, followed by gold retail at $1.45 million. Its retail business, dealing predominantly in clothes, has been gradually shrinking.

Known for its generous dividend policy, the company on Wednesday paid out a dividend of one cent per share on its financial year 2022 earnings.

The stock closed unchanged at 24.5 cents on Wednesday before its earnings announcement.