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Redco Properties expects H1 consolidated net profit to surge 50% YOY

Redco Properties Group Ltd. said unaudited consolidated net profit attributable to the owner of the company is estimated to jump at least 50% year over year for the six months ended June 30.

The increase is expected due to a gain from the sale of a commercial development and a rise in gross project margin for properties completed during the first half. The company projects its net gearing ratio to remain below 60% as at June-end.

Results for the interim period are expected to be released on or before Aug. 31.