Singapore
February 28, 2007, 6.17 pm (Singapore time)
Property recovery boosts CityDev's profits
SINGAPORE - Real estate developer City Developments Ltd said on Wednesday its net profit for 2006 rose 75.5 per cent from the previous year as the property sector recovered amid strong economic growth.
The company posted a net profit of $351.66 million (US$229.84 million), up from $200.40 million in 2005. Revenue was at $2.55 billion, up 7.3 per cent from a year ago, it said.
'The property market has performed well during the year following its slow recovery which began at the end of 2004,' the company said in a statement, adding it expects the market momentum to continue this year.
'Whilst the recovery of the market was propelled by the high-end luxury segment, the improvement is mainly due to an improving economy, renewed confidence and pent-up demand from limited high-end supply when the property market was suffering for almost 10 challenging years.' -- AFP