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KepLand posts 17.2% fall in Q1 profit

Lower property sales and divestments of Equity Plaza and MBFC Tower 3 cited; revenue falls 2.3% to S$278.4m

Published Wed, Apr 15, 2015 · 09:50 PM

Singapore

KEPPEL Land posted a 17.2 per cent year-on-year fall to S$72.6 million in first-quarter net profit as it clocked in lower property sales and stopped recognising contributions from Equity Plaza and Marina Bay Financial Centre (MBFC) Tower 3 following their divestments last year.

Revenue for the three months ended March 31 slipped 2.3 per cent to S$278.4 million, it said on Wednesday.

Lower revenue from its property trading segment was due largely to the absence of revenue from The Lakefront Residences in Singapore as this project obtained temporary occupation permit i…

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