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SINGAPORE: Mainboard-listed SC Global's Australian subsidiary, AV Jennings, said on Tuesday that it has returned to profit for the six months to December.
The residential developer made a net profit of A$3.2 million. The result was much better than the A$9.7 million loss it incurred over the same period a year ago.
AV Jennings said improved margins, reduced costs and a greater emphasis on project management fees lifted its balance sheet.
It added that major structural changes and a resilient Australian housing market enabled it to return to profit.
- CNA/sc
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