CDL posts record quarterly earnings of S$384.9m

Singapore

CITY Developments Limited (CDL) posted its best-ever quarterly result on the back of completion of the sale of cashflows of its novel profit participation security platform for its Quayside Collection project in Sentosa Cove. Net earnings for the fourth quarter ended Dec 31, 2014 rose 73.4 per cent to S$384.9 million from S$222 million in Q4 FY2013. Revenue climbed 7.4 per cent to S$846.9 million.

Full year net profit improved 12.2 per cent to S$769.6 million. Revenue surged 17.1 per cent to S$3.76 billion, a record for the group.