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CityDev ends FY18 with record revenue despite 4Q decline; recommends special 6 cents dividend

timothy.tay@edgeprop.sg
Updated

SINGAPORE (Feb 21): City Developments recorded earnings of $77.9 million for 4Q18, down 54.7% from $171.9 million a year ago on lower revenue and higher expenses.

Revenue for the quarter fell 40.6% to $788.3 million from restated 4Q17 revenue of $1.3 billion, arising mainly from variances in project and unit revenue recorded.

The main contributors of revenue for the latest quarter was New Futura, The Tapestry and Park Court Aoyama The Tower – whereas in 4Q17, it was Gramercy Park and The Brownstone executive condominium (EC), which obtained TOP in that quarter and recorded entire revenue from sold units then.

Read more on The Edge Singapore

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