Keppel Land Q3 profit slides 10.6% on lower sales

Singapore

KEPPEL Land's net profit for the third quarter ended Sept 30 slipped 10.6 per cent to S$113 million as divestment gains helped absorb the impact of lower sales.

Group revenue for the third quarter dived 59.6 per cent from a year ago to S$168.7 million, with the main drag coming from the property trading segment where there was an absence of revenue from The Lakefront Residences in Singapore as the project had obtained temporary occupation permit in May.

The group also racked in lower revenues from Phases 4 and 5 of 8 Park Avenue in Shanghai which were launched in June 2013, and Plot 2-1 of The Springdale in Shanghai which wa…