CityDev profit falls on lower development, hotels gains

Singapore

PROPERTY and hotels group City Developments Ltd (CDL) has posted lower earnings for both its third quarter and first nine months ended Sept 30.

Pre-tax profits from rental properties went up but were not sufficient to offset the sharp fall seen in its property development and hotel operations.

Group revenue for the quarter dropped 38.8 per cent to S$809.3 million and for the nine months was down 16 per cent at S$2.45 billion.

For the nine-month period, "there was an absence of significant revenue recognition from executive condominium (EC) projects, as compared to revenue recognised in entirety for Blossom Residences EC in Q3 2014 following the project's completion", said CDL.

Group net profit dropped 16.4 per cent to S$106.40 million for Q3 and fell 5.7 per cent to S$362.92 million for the nin…