CORPORATE Singapore resembles one of those good news bad news jokes these days: While investors are reeling from some brutal share market swings, businesses have racked up a bumper year of profits.

As of 7pm yesterday, 79 firms had reported full-year results for the period ended June 30, with combined net earnings of $2.38 billion, up 29.1 per cent on last year. Of these, 73 were in the black.

But that stellar result could not match last year's, where the total profits for reporting firms was a striking 54.4 per cent higher than in 2005.

CIMB-GK research head Song Seng Wun said: 'It's quite difficult to maintain a growth momentum of 54.4 per cent. But we are still seeing strong overall growth, so that's a positive sign.' Yesterday marked the 60-day deadline for firms with financial years ending June 30 to report results.

Singapore Exchange (SGX) topped the table with net earnings jumping 124.8 per cent to $421.78 million. That was due largely to a vibrant securities market. Securities market revenue surged from $208.5 million to $326 million.

'SGX's growth momentum will carry on through the next financial year, despite the cautious stance taken by investors currently,' said Mr Song.

SGX was followed by property firms Wing Tai Holdings - it reported last night that profits rose 198.2 per cent to $381.84 million - and GuocoLand, which posted an 81.1 per cent surge to $281.89 million.

But it was the offshore and marine firms that left the biggest impressions. Jaya Holdings was in the fourth spot with a 12.5 per cent rise in profit to $120.77 million due to higher chartering rates. CH Offshore was seventh with a 210.2 per cent jump to $61.55 million.

Analysts said stronger global demand and high crude oil prices over the year drove the sector's robust showing.

Construction company Lum Chang Holdings stole a march on the big boys by recording the largest percentage change in profit - a sizzling 798.5 per cent leap to $2.99 million.

'Construction will continue to gather speed, with stronger flows in the next two quarters once orders for the integrated resorts roll in. It's still the start of the revival,' said Mr Song.

One notable rebound was Creative Technology, which posted a $43.19 million profit after recording a $181.02 million loss last year.

And just beating the clock - it filed its results about an hour before 7pm - was agriculture and food commodities group Olam International.

It posted a profit rise of 25 per cent to $109 million with sales up 25.1 per cent at $5.46 billion. Earnings per share rose from 5.61 cents to 7.01 cents.

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