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Property development boosts CDL's Q3 net profit

But earnings from hotels, rental properties slide

Singapore

CITY Developments (CDL) said strong contribution from property development, especially its New Futura condo in Leonie Hill Road in Singapore, helped to boost the group's third quarter net profit by 10.4 per cent to S$161.8 million from the previous year.

For the three months ended Sept 30, revenue increased 17.7 per cent to S$1.02 billion from the year-ago period.

CDL said that besides New Futura, profit was booked during Q3 FY2018 from Gramercy Park, The Brownstone executive condo (EC) and The Tapestry, as well as joint-venture projects Forest Woods and Coco Palms. These are residential projects in Singapore.

Earnings per share increased to 17.8 Singapore cents from 16.1 Singapore cents...

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