reporter2
16-05-13, 16:06
http://www.straitstimes.com/archive/tuesday/premium/money/story/cdls-q1-net-profit-falls-12-1376m-20130514
CDL's Q1 net profit falls 12% to $137.6m
Published on May 14, 2013
LOWER revenue from its property development segment sent first-quarter net profit at City Developments (CDL) down 12.2 per cent to $137.6 million from the preceding year.
Revenue for the three months to March 31 fell 9.8 per cent to $763.5 million year-on-year, the property giant said yesterday.
CDL said property development revenue fell because it sold a Tagore Avenue warehouse which had contributed to turnover in the first quarter of 2012.
Earnings from hotel operations also fell in the first quarter, which CDL put down to factors such as Korean geopolitical tensions, weather woes in Europe and the United States, and a slowing economy in Singapore. It owns 55 per cent of the Millennium and Copthorne Hotels chain.
The group launched two condominium projects during the quarter - the 912-unit D'Nest in Pasir Ris and the 868-unit joint venture Bartley Ridge at Mount Vernon Road.
Over the next few months, it plans to launch the 616-unit Jewel @ Buangkok condominium at Buangkok Drive, a 380-unit executive condominium at Fernvale Link and a mixed development at the junction of Upper Serangoon Road and MacPherson Road near Potong Pasir MRT station, which will have 266 homes and 28 ground-floor retail units.
CDL added that its much-anticipated South Beach development, located between Raffles Hotel and Suntec City and next to the Esplanade MRT station, remains on track for completion in 2015. One part of the project will open in the second half of this year for internal use, it added.
It also said yesterday that it was "in the final stage" of establishing its plans for property development in London and would allocate £250 million (S$476 million) to £300 million for this purpose, in line with its March announcement that it would become more active overseas.
The group's earnings per share stood at 15.1 cents, down 12.2 per cent from the preceding year. Net asset value per share was $8.20 as of March 31, up from $8.03 as of Dec 31.
Its share price rose 10 cents to close at $11.60 yesterday.
MELISSA TAN
CDL's Q1 net profit falls 12% to $137.6m
Published on May 14, 2013
LOWER revenue from its property development segment sent first-quarter net profit at City Developments (CDL) down 12.2 per cent to $137.6 million from the preceding year.
Revenue for the three months to March 31 fell 9.8 per cent to $763.5 million year-on-year, the property giant said yesterday.
CDL said property development revenue fell because it sold a Tagore Avenue warehouse which had contributed to turnover in the first quarter of 2012.
Earnings from hotel operations also fell in the first quarter, which CDL put down to factors such as Korean geopolitical tensions, weather woes in Europe and the United States, and a slowing economy in Singapore. It owns 55 per cent of the Millennium and Copthorne Hotels chain.
The group launched two condominium projects during the quarter - the 912-unit D'Nest in Pasir Ris and the 868-unit joint venture Bartley Ridge at Mount Vernon Road.
Over the next few months, it plans to launch the 616-unit Jewel @ Buangkok condominium at Buangkok Drive, a 380-unit executive condominium at Fernvale Link and a mixed development at the junction of Upper Serangoon Road and MacPherson Road near Potong Pasir MRT station, which will have 266 homes and 28 ground-floor retail units.
CDL added that its much-anticipated South Beach development, located between Raffles Hotel and Suntec City and next to the Esplanade MRT station, remains on track for completion in 2015. One part of the project will open in the second half of this year for internal use, it added.
It also said yesterday that it was "in the final stage" of establishing its plans for property development in London and would allocate £250 million (S$476 million) to £300 million for this purpose, in line with its March announcement that it would become more active overseas.
The group's earnings per share stood at 15.1 cents, down 12.2 per cent from the preceding year. Net asset value per share was $8.20 as of March 31, up from $8.03 as of Dec 31.
Its share price rose 10 cents to close at $11.60 yesterday.
MELISSA TAN