When Second Chance Properties announces its 1HFY2023 results for the six months to Feb 28, it is likely to report a significantly higher net profit.
"Based on the information currently available and the management’s preliminary review of the unaudited consolidated financial statements of the Group for the half year ended Feb 28, 2023, it is expected that the Group’s net profit attributable to shareholders of the Company for 1H2023 will increase significantly when compared to the net profit after tax of $4,601,550 for the financial period ended February 28 2022," the company says in an SGX announcement.
The expected increase due to the gain on disposal of few investment properties. "Additionally, there is a realized gain of $9.46 million upon cash acquisition as well as disposal of few equity instruments held by the Group and classified as financial assets, at fair value through other comprehensive income. This gain however, is taken directly to equity through retained earnings," Second Chance says.
The company will report results on March 29.
