CDL's Q3 net profit down 16.4% to S$106.40m

CITY Developments Limited (CDL) has posted a 16.4 per cent drop in net profit to S$106.40 million for the third quarter ended Sept 30. Revenue declined 38.8 per cent to S$809.25 million.

Net asset value per share rose to S$9.53 as at end-Sept 2015 from S$9.25 as at end-Dec 2014.

Earnings per share fell 16.4 per cent to 11.7 cents for Q3 FY2015 from 14.0 cents in Q3 FY2014.

The counter closed 17 cents lower at S$7.71 on Thursday. CDL released its results after the close of trading.

For the first nine months, CDL's net profit was down 5.7 per cent to S$362.92 million. Revenue retreated 16.0 per cent to S$2.45 billion.

"During YTD Sept 2015, there was an absence of significant revenue recognition from executive condominium (EC) projects, as compared to revenue recognised in entirety for Blossom Residences EC in Q3 2014 following the project's completion," CDL said.

CDL has sold only 45 units for The Criterion EC project in Yishun since its launch in late-September. Comprising 505 units, the project is a joint venture development.