SC Global: Australian subsidiary AVJennings announced a solid result for the first six mths of FY11 with Net Profit of $10.6m, representing a 228% improvement over the prior corresponding period. Strong performance was attributed to the second stage in building long-term sustainable shareholder value and delivering improved returns….
Following sale of the Contract Building division, Co. has been able to move more strongly into the second stage of the process, which is to increase the focus on performance of its Developments business which develops land, integrated housing and low-rise apartment
Projects ….
We note that as at Sept10, SC Global had an inventory of land and development properties worth $2.29b on its book held at historical less impairment and not permitted under its accounting standards to be revalued upwards. And currently trades at 12% above its NAV.
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