CityDev Q1 net profit up 2.8% to S$123m on higher revenue from development, hotels

PROPERTY and hotels group City Developments Ltd (CDL) has posted a net profit of S$123.03 million for the first quarter ended March 31, 2015. This was 2.8 per cent higher from the same period last year.

Revenue rose 11 per cent to S$814.94 million. CDL attributed the revenue improvement chiefly to contributions from property development and hotel operations.

Earnings per share increased to 13.5 cents for Q1 FY2015 from 13.2 cents for Q1 FY2014. Net asset value per share rose to S$9.43 as at end-March 2015 from S$9.25 as at end-December 2014.

The counter closed nine cents higher at S$10.19 on Wednesday. CDL announced its results after the stock market had closed.