Keppel Land Q1 profit down 9.2% to $87.7m

KEPPEL Land's net profit for the first quarter ended March 31 slipped 9.2 per cent to $87.7 million, dragged down by lower contributions from associates and jointly controlled entities and the absence this time round of a tax writeback.

Its revenue grew 37.6 per cent year-on-year to $284.9 million due largely to contributions from its China residential projects.

But the period registered a 26.3 per cent decline in the share of results of associates to $46.7 million, due mainly to lower contributions from Marina Bay Suites and Plot R5A of The Botanica in Chengdu which were respectively completed in June and March last year.