CDL Q4 profit buoyed by asset monetisation
Fourth-quarter earnings rise 6.6% to a new high of S$410m
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Singapore
CITY Developments Limited (CDL) posted a record net profit of S$410.5 million for the fourth quarter ended Dec 31, 2015, beating the year-ago record by 6.6 per cent.
This was fuelled by gains from monetising its prime office assets 7 & 9 Tampines Grande, Manulife Centre and Central Mall (Office Tower) through a financial instrument called Profit Participation Securities (PPS) in December 2015 and maiden contribution from the sale of Emerald House in Croydon, UK. Revenue for the quarter inched up one per cent to S$855 million as revenue growth from rental properties and "others" mitigated the revenue dips in property development and hotel operations.
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