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Keppel Land Q1 profit down 17.2%

KEPPEL Land's net profit for the first quarter ended March 31 fell 17.2 per cent to S$72.6 million from S$87.7 million.

Revenue for the quarter slipped 2.3 per cent to S$278.4 million from S$284.9 million, due mainly to lower revenue achieved by the property trading segment.

The lower revenue from the property trading segment was due largely to absence of revenue from The Lakefront Residences in Singapore as this project obtained temporary occupation permit in May 2014 and lower revenue from Plot 2-2 of The Springdale in Shanghai which was completed in March 2014.