Keppel Land Q1 profit down 9.2% to $87.7m
Lower contributions from associates and absence of a tax writeback hit results
KEPPEL Land's net profit for the first quarter ended March 31 slipped 9.2 per cent to $87.7 million, dragged down by lower contributions from associates and jointly controlled entities and the absence this time round of a tax writeback.
Its revenue grew 37.6 per cent year-on-year to $284.9 million due largely to contributions from its China residential projects.
But the period registered a 26.3 per cent decline in the share of results of associates to $46.7 million, due mainly to lower contributions from Marina Bay Suites and Plot R5A of The Botanica in Chengdu which were respectively completed in June and March last year.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
CapitaLand Investment posts total revenue of S$650 million for Q1
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Toyota is investing US$1.4 billion to build another all-electric SUV in US
Airbus net profit soars 28% in first quarter
Carrier AirAsia discloses new listing plans under RM6.8 billion units merger
Intel slides after tepid forecast spurs fears about comeback