Keppel Land's Q4, full-year earnings fall on lower fair value gain
KEPPEL Land on Wednesday evening reported a 21.6 per cent drop in net profit to S$444.52 million for the fourth quarter ended Dec 31, 2014, as a result of a lower fair value gain on its investment properties.
The lower net profit was despite a 39.5 per cent increase in sales to S$705.38 million, fuelled by the divestment of the Al Mada Towers in Jeddah, Saudi Arabia, as well as new revenue streams from Phase 1 of Seasons Residence in Shanghai and Phase 1 of Park Avenue Heights in Chengdu which were both completed in December 2014.
This brings its full-year earnings to S$752.49 million, a 15.1 per cent drop from a year ago, while revenue has inched up 2.5 per cent to S$1.50 billion.
The group has proposed a final dividend of 14 Singapore cents per share, compared with 13 cents paid in 2013. The dividend is expected to be paid on or about May 7, 2015 upon shareholders' approval.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Brokerage Haitong removes long-term Hong Kong unit chief Lin, appoints new head
London stocks hit new record at open
Heineken sells more beer in Q1, sticks to outlook
US seeks 36 months’ jail for Binance founder Zhao
China’s Huawei launches new software brand for intelligent driving
Capital A chief Fernandes defers retirement, renews contract for five years