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Thread: KepLand posts 70% rise in Q3 profit on property trade

  1. #1
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    Default KepLand posts 70% rise in Q3 profit on property trade

    http://www.straitstimes.com/premium/...trade-20131017

    KepLand posts 70% rise in Q3 profit on property trade

    Published on Oct 17, 2013

    By Cheryl Ong


    STRONGER contributions from its property trading segment helped prop up Keppel Land's net profit for the third quarter.

    The property giant recorded net profit of $126.4 million for the three months to Sept 30, up 70 per cent from the same period a year ago.

    Revenue shot up 151 per cent to $417.9 million from $166.4 million a year earlier.

    KepLand recorded higher revenues from its Chinese properties as units at The Springdale in Shanghai and Seasons Park in Tianjin Eco-City were handed over to buyers. The firm also recognised higher revenue from its launch of 8 Park Avenue in Shanghai in June, it announced yesterday.

    It sold about 1,130 units in China in the third quarter, well up on the 290 sold in the same period last year.

    In Singapore, KepLand moved about 310 units in the nine months to Sept 30, mostly from its recently launched The Glades in Tanah Merah, Corals at Keppel Bay and The Luxurie in Sengkang.

    Revenue in the property investment segment fell 8.3 per cent to $12.9 million, but net profit was up 9.3 per cent at $40 million. KepLand said this was thanks to improved rental yields, which helped improve contributions from Keppel Reit and Marina Bay Financial Centre Tower 3.

    Third-quarter earnings per share remained unchanged at 20.6 cents from the corresponding period a year earlier.

    Net asset value per share was $4.15 as at Sept 30, up from $3.99 as at Dec 31.

    In July, KepLand announced it was selling its 51 per cent stake in Jakarta Garden City, an integrated township in Indonesia, for about $240 million. The firm is expected to book a divestment gain of about $152 million, when the sale is completed by November, it said.

    The firm also sold its 50 per cent stake in Hotel Sedona Manado for $8.8 million in the third quarter, with a divestment gain of $3.3 million. However, it noted that it remains committed to Indonesia, with a focus on Jakarta.

    KepLand said it plans to expand its portfolio of commercial properties overseas. It will also continue to strengthen its position in Vietnam and Indonesia, while focusing on growth in its core markets of Singapore and China.

    KepLand shares closed four cents up at $3.62 yesterday.

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  2. #2
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    Default Keppel Land Q3 earnings surge 69.7% to $126.4m

    http://www.businesstimes.com.sg/prem...1264m-20131017

    Published October 17, 2013

    Keppel Land Q3 earnings surge 69.7% to $126.4m

    Strong performance from most of its business segments cited for increase

    By ong chor hao [email protected]


    AIDED by a strong performance from most of its business segments, Keppel Land reported a 69.7 per cent jump in third-quarter net profit to $126.4 million.

    This compares with the $74.5 million recorded a year ago. Earnings per share were 8.2 cents, up from 4.9 cents the same period last year.

    Revenue for three months ended Sept 30, 2013 jumped 151.1 per cent year-on-year to $417.9 million. This was mainly the result of higher contributions from its property trading segment, with higher revenue recognition of projects in China, Indonesia and Singapore, as well as new income streams from a project in Shanghai.

    While cost of sales increased 147.8 per cent year-on-year to $297.6 million, the strong sales numbers helped gross profits grow 159.6 per cent to $120.3 million in Q3.

    Administrative and other expenses were higher and other income lower. But helping to offset these were higher investment income and the absence of an impairment loss from the previous year.

    Four out of five of Keppel Land's business segments contributed higher net profits in Q3: property trading, property investment, fund management and hotels and resorts. But losses in its "others" segment, which includes corporate and property services, were higher. No dividend was recommended for the current period.

    For the nine months ended Sept 30, net profit was 2.4 per cent higher year-on-year at $318.6 million. Lower contributions from Reflections at Keppel Bay and an absence of a one-off divestment gain were offset by higher profits from its property trading projects and improved contributions from other segments. Keppel Land said that it will "scale up" in growth cities in its core markets of Singapore and China, as well as strengthen its position in Vietnam and Indonesia.

    The company sold about 3,070 units in the first nine months of 2013 in China, more than three times higher than a year ago. But it noted that "only" about 310 residential units in Singapore were sold in that time, with cooling measures dampening demand.

    It expects to book a gain of $152 million if a deal to sell its stake in an Indonesian asset goes through as targeted in mid-November. Keppel Land also plans to keep expanding its commercial portfolio overseas, as well as grow its fund management business.

    The counter closed 1.1 per cent higher at $3.62 yesterday.

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