SC Global Developments, the developer of high-end luxury residences, today announced it nearly tripled its net profit to $53.8 million for the half year ended 30 June 2010, from $18.3 mil last year.

Net Profit for the second quarter of $40.4 million was five times the net profit for the same period last year of $7.8 million. Higher revenue recognition from the Group’s development projects, including The Marq on Paterson Hill, Hilltops and Martin No. 38, contributed strongly to the reported profit as construction progressed for these projects.

Group revenue for the half year increased 28% to $458.4 million from $357.6 million last year. Revenue from the group’s development project in China, Kairong International Gardens in Shenyang and the group’s subsidiary in Australia, AV Jennings (AVJ), also contributed to Group Revenue.

Gross Profit for the half year rose by 83% to $136.1 mil as compared to $74.5 million last year. Gross margin improved to 30% from 21% last year.

As reported earlier, AVJ achieved a 176% increase in net profit after tax to A$9.6 mil for the full year to 30 June 2010, reversing its loss of A$12.7 million ($15.6 million) in 2009. The full-year results reflect the total review of operations undertaken early in 2009.

AVJ recently announced the completion of the sale of its contract building operations to a division of the Japanese-listed company, Sekisui House Limited. The transaction includes Sekisui paying royalties for the right to use the AVJennings brand for its contract building operations for the next three years as well as a land alliance arrangement between the two companies.

The sale allows AVJ to fully focus on its residential development operations comprising land development, integrated housing and low-rise apartments, which has been an integral component of AVJ’s operations for 80 years.