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CDL posts 44.5% profit drop

PropertyGuru

By Romesh Navaratnarajah:Lack of one-off gains from the divestment of The Corporate Office along Robinson Road has led City Developments Ltd's (CDL) first quarter net profit to drop 44.5 percent to S$156.75 million.

However, revenue for the quarter rose 9.4 percent year-on-year to S$846.7 million, attributed to a 20.3 percent revenue increase in property development to S$394.3 million, including strong contribution from its residential property projects such as 368 Thomson, Tree House, Cube 8, Hundred Trees and The Glyndebourne.

"The group has always maintained a medium to long-term view of its business," said CDL.

"With a healthy land bank, the group will continue to be selective in its land replenishment strategy, mindful of the global economic uncertainty. It has always remained nimble and strategic in its implementation plans to unlock maximum value of its assets for shareholders, at the opportune time."

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Despite recording higher topline from its property development business, the segment's profit before income tax, including share of after-tax profit of jointly controlled entities and associates, declined 30.7 percent year-on-year to S$88.02 million in the first quarter.

Looking ahead, the developer expects to remain profitable in the current financial year, supported by a "diversified portfolio of assets, strong balance sheet and prudent management".

There are also plans to unveil two 99-year leasehold residential projects, including UP @ Robertson Quay, which comprises 70 luxury apartments and loft residences ranging from one-bedroom, one-bedroom-with-study units and two-bedroom units as well as the Haus @ Serangoon Garden which has 96 terrace homes. Related Stories:Issue 11 of The PropertyGuru newspaper out tomorrow

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Wing Tai's Q3 profit down 74%

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