CapitaLand and CityDev Q4 profits slide, KepLand bucks the trend

[SINGAPORE] Singapore's top three residential developers by market cap have posted mixed results, even as they look increasingly outside Singapore's residential sector to drive profits.

Both CapitaLand and City Developments Limited (CDL) recorded dips in their Q4 net profit; Keppel Land broke ranks to post an increase.

CapitaLand posted the larger drop - 45.6 per cent to $142.9 million - but this was largely from one-off losses and higher impairments. Excluding the one-off Australand divestment loss - CapitaLand divested a 20 per cent stake in Australand in November - net profit would have inched up 0.4 per cent to $263.7 million.

CDL posted a drop of 11.4 per cent in net profit to $221 million on the back of a poorer performance in its property development and hotel operations, where the…