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Thread: Keppel Land Q1 profit soars 70% to $141.9m

  1. #1
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    Default Keppel Land Q1 profit soars 70% to $141.9m

    http://www.businesstimes.com.sg/arch...soars-70-1419m

    Published April 19, 2012

    Keppel Land Q1 profit soars 70% to $141.9m

    Big boost from property trading, which more than trebled to $133.4m

    By Mindy Tan


    KEPPEL Land recorded a 70 per cent jump in first-quarter net profit to $141.9 million from $83.3 million a year ago, boosted by improved contribution from property trading.

    Net profit from property trading for the three months ended March 31, 2012, more than trebled to $133.4 million from $43 million a year ago, largely due to bumper contribution from Reflections at Keppel Bay following the handover of completed units to buyers who bought under the deferred payment scheme.

    Property investment also performed well, with net profit up 38 per cent at $20 million on higher contribution from K-Reit Asia following its acquisition of an 87.5 per cent stake in Ocean Financial Centre.

    In addition, higher fee income for K-Reit Asia Management and Alpha Investment Partners led to a 36 per cent year-on-year increase in net profit from fund management to $12.8 million.

    Keppel Land's revenue for the quarter slid 52 per cent year-on-year to $170.2 million, due to a fall in revenue from its Singapore and overseas operations by $89.4 million and $98.3 million respectively.

    In Singapore, the decline came mainly from the trading projects, particularly The Lakefront Residences, which was partly cushioned by the new revenue stream from The Luxurie (launched in August 2011).

    The lower revenue from the group's overseas operations was attributable primarily to lower revenue recognition for Elita Promenade in Bangalore, which was completed in March 2011.

    In Singapore, the group sold over 90 homes in the first quarter of 2012, with the bulk from its suburban development, The Luxurie, in Sengkang. In addition, the group has set aside about 150 units at Reflections at Keppel Bay for corporate residences.

    Overseas residential sales remained subdued on cautious market sentiment amid property cooling measures and global economic uncertainties. Keppel Land sold about 270 overseas homes in the quarter, with China accounting for the bulk of residential sales - about 190 units - mainly from Phase 6 of The Botanica township in Chengdu and The Springdale in Shanghai.

    Earnings per share rose 67 per cent to 9.5 cents, from 5.7 cents.

    Keppel Land shares gained 4 cents to close at $3.34 yesterday.

  2. #2
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    Default Keppel Land earnings soar to $142m on the back of Reflections

    http://www.straitstimes.com/Money/St...ry_790291.html

    companies

    Keppel Land earnings soar to $142m on the back of Reflections

    Published on Apr 19, 2012

    By Yunita Ong


    A BUMPER contribution from Reflections at Keppel Bay sent earnings at Keppel Land rocketing in the first quarter.

    The developer racked up a net profit of $141.9 million, up 70.3 per cent on the same period last year.

    But sales for the three months to March 31 fell 52.4 per cent to $170.2 million mainly due to declines in turnover in property dealing and investment.

    Net profit from property trading hit $133.4 million compared with $43 million in the last quarter of last year, thanks mainly to completed units being transferred to buyers who purchased under the deferred payment scheme.

    Sales at Marina Bay Suites and in the completed phases at The Springdale, The Botanica and Central Park City in China also helped.

    The property investment segment also thrived, with net profit up 37.8 per cent at $20 million. This was helped in large part by more contributions from K-Reit Asia after it acquired an 87.5 per cent stake in Ocean Financial Centre.

    Earnings per share rose by 66.7 per cent, from 5.7 cents to 9.5 cents, while net asset value per share increased from $2.74 as at Dec 31 to $3.81.

    Keppel Land noted in a statement that despite the introduction of the additional buyer's stamp duty last December and a weaker global economic climate, private residential sales remained strong, especially in the suburban market.

    Keppel Land sold 90 units in the first quarter, with the bulk from the suburban development The Luxurie in Sengkang.

    The firm will use about 150 units at Reflections at Keppel Bay for corporate residences to capitalise on leasing demand for luxury waterfront homes.

    Various cooling measures and general market wariness kept overseas sales down, with about 270 units moved in the first quarter, 190 or so sold in China.

    The firm also sold more than 40 units in its Jakarta Garden City development in Indonesia.

    Keppel said it remains optimistic about Asia's growth prospects and will aim to add to its landbanks here and overseas while exploring acquisition opportunities for residential, commercial and mixed-use developments.

    Keppel Land shares closed up four cents at $3.34 yesterday.

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