Second Chance Properties' Q2 net profit rises 35%
By Ryan Huang | Posted: 11 February 2011 1840 hrs

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SINGAPORE : Mainboard-listed Second Chance Properties has posted a 35 per cent rise in its second-quarter net profit to S$2.9 million.

This came on the back of a 3.4 per cent increase in revenue to S$9.7 million over the same three months ended December 31.

The company said the increase in net profit was mainly due to better performance of its apparel division and the substantial increase in its rental income.

That offset the drop in profits from its gold business segment.

For the half year, the company posted a 30 per cent jump in net profits to S$8.88 million.

Separately, Second Chance has proposed a 1-for-4 bonus share issue.

It said this is to reward shareholders for their support.

The move is also aimed at improving the liquidity of the shares and encourage a wider spread of shareholders.

The bonus issue is subject to approval by the Singapore Exchange.

- CNA/ms

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LOCATION OF PROPERTIES

? 810 GEYLANG ROAD #01-45 CITY PLAZA

? 810 GEYLANG ROAD #01-46 CITY PLAZA

? 810 GEYLANG ROAD #01-60 CITY PLAZA

? 810 GEYLANG ROAD #01-61 CITY PLAZA

? 810 GEYLANG ROAD #02-51 CITY PLAZA

? 810 GEYLANG ROAD #01-56/57 CITY PLAZA

? 810 GEYLANG ROAD #02-86/88 CITY PLAZA

? 810 GEYLANG ROAD #01-107 CITY PLAZA

? 810 GEYLANG ROAD #02-105-108 CITY PLAZA

? 810 GEYLANG ROAD #02-50 CITY PLAZA

? 810 GEYLANG ROAD #01-105 CITY PLAZA

? 810 GEYLANG ROAD #02-81/82 CITY PLAZA

? 810 GEYLANG ROAD #01-43/44 CITY PLAZA

? 810 GEYLANG ROAD #01-81 CITY PLAZA

? BLK 214 BEDOK NORTH ST.1#01-161

? BLK 710A, ANG MO KIO AVE 8, #01-2625

? BLK 153 SERANGOON NORTH AVE 1 #01-546

? 14 SCOTTS ROAD #02-40 FAR EAST PLAZA

? 14 SCOTTS ROAD #02-42 FAR EAST PLAZA

? 304 ORCHARD ROAD #01-56/57/58/59 LUCKY PLAZA

? 1 PARK ROAD #01-32/33 PEOPLE'S PARK COMPLEX

? BLK 449 CLEMENTI AVENUE 3 #01-261

? BLK 449 CLEMENTI AVENUE 3 #01-229

? 111 NORTH BRIDGE ROAD #01-28, PENINSULA PLAZA

? 111 NORTH BRIDGE ROAD #01-29 PENINSULA PLAZA

? 111 NORTH BRIDGE ROAD #01-38 PENINSULA PLAZA

? 111 NORTH BRIDGE ROAD #01-44, #01-45A/B PENINSULA PLAZA

? BLK 186 TOA PAYOH CENTRAL #01-414

? BLK 190 LOR 6 TOA PAYOH #01-560

? BLK 190 TOA PAYOH #01-562

? BLK 190 TOA PAYOH #01-538

? BLK 12 HAIG ROAD #01-327

? BLK 83 MARINE PARADE #01-562

? BLK 131 JURONG EAST ST 13 #01-265

? BLK 133 JURONG EAST ST 13 #01-295

? 221 BOON LAY PLACE #01-114

? 505 TAMPINES CENTRAL 1 #01-357

? 505 TAMPINES CENTRAL 1 #01-355

? BLK 201B, TAMPINES ST 23, #01-1063

? LOT. 1.80, 1.81 & 1.82, AMPANG PARK, KUALA LUMPUR, MALAYSIA

Question: City Plaza is an old shopping centre and decreasing in popularity. I noticed that you have purchased many shops in City Plaza. Why is this so?

Response: We are aware of the condition and perception of many towards City Plaza (CP). There are 2 (two) compelling reasons for our purchases in CP.

The government that owns Tanjong Katong Complex (TKC) have informed all tenants that this site is earmarked for redevelopment. Their tenancy agreement now includes a clause to vacate premises within 3 months of notice.

All our retail profits from gold and apparel business in Singapore comes from our shops in TKC. The other 150 tenants in TKC will also be affected and when the time comes they too will be looking for premises hoping to rent or buy nearest to TKC. CP being just across the road, rentals and capital values of its shops is expected to enjoy a big increase when this expected new demand materialise. It should be noted that any new development will take about 4 years to complete and its rental will be more in line with other suburban shopping centres like Parkway Parade, Tampines Square etc., whose present rentals are 3 to 4 times that of the rentals in CP. Due to the declining popularity of CP, we have purchased 22 shop units there at depressed prices and we can expect to greatly benefit in the near future from the expected increase in rentals and capital values apart from having ready premises for our retail businesses to relocate.