Keppel Land lifts Q2 profit despite falling sales
S$107m earnings helped by fund mgt business and some China projects
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DESPITE headwinds in the residential markets of Singapore and China, Keppel Land still racked up a decent 12.2 per cent rise in net profit to S$107.2 million for the second quarter ended June 30.
This was mainly bolstered by its fund-management business Alpha Investments, profit from some Chinese projects upon completion, as well as stronger contributions from Keppel Reit and its one-third stake in Marina Bay Financial Centre Tower 3.
But the group posted a 7.8 per cent year-on-year drop in revenue to S$304.6 million, as it sold fewer homes in China and Singapore during the quarter.
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