Thinner property development earnings weigh on CDL's Q4 results
Thinner profits from property development weighed down earnings at property giant City Developments (CDL) on Thursday.
CDL's net profit for the fourth quarter sank 11.4 per cent to $221 million from the preceding year.
This was on the back of a 12.6 per cent drop in revenue to $774.4 million for the three months to Dec 31 from the year before.
Lower profit contribution from property development was partly due to the completion of Hundred Trees and Tree House last year, CDL said in a statement.