Lower property sales lead to 17% fall in earnings at Singapore Land
Office landlord Singapore Land reported a 17 per cent drop in full year net profit to $339.2 million.
This came on the back of a 22 per cent decline in revenue to $454 million for the year to Dec 31.
The fall was attributable mainly to lower trading property sales, partially offset by higher revenue from Pan Pacific Singapore hotel.
Lower residential property sales recognition of The Excellency in Chengdu and The Trizon, partially offset by sales of the V on Shenton resulted in a 64 per cent drop in sales of trading properties to $96 million.