Keppel Land Q3 net profit slips 10.6% on lower sales (Amended)

KEPPEL Land's net profit for the third quarter ended Sept 30 slipped 10.6 per cent to S$113 million as gains from recent divestments partially mitigated the drop in sales.

Group revenue for the third quarter fell 59.6 per cent from a year ago to S$168.7 million with the main drag coming from the property trading segment, due largely to the absence of revenue from The Lakefront Residences in Singapore that obtained temporary occupation permit in May.

"There were also lower revenues from Phases 4 and 5 of 8 Park Avenue in Shanghai which were launched in June 2013, and Plot 2-1 of The Springdale in Shanghai which was completed in September 2013," Keppel Land said in its financial report.

These were partially offset by a gain of S$59.5 million from the divestment of Equity Plaza, as well as a share of Keppel Reit's gain of S$7.2 million from the divestment of its 92.8 per cent stake in Prudential Tower.

An earlier version of this article stated that there was a gain of S$92 million from the divestment of Equity Plaza. This should have been S$59.5 million and the article has been corrected to reflect this.