Smaller one-off gains and the absence of "lumpy" contributions from project sales hit third-quarter results at City Developments (CDL).
Net profit sank 8.3 per cent to $156.1 million from the preceding year, the group said yesterday.
Revenue for the three months to Sept 30 sank 6.5 per cent to $863.1 million.
The drop in revenue was primarily due to the absence of revenue recognition from Jewel@Buangkok, which was completed in the third quarter last year, Hanover House in Reading, Britain, as well as lower contributions from its D'Nest and Coco Palms projects.
"With the exception of Singapore private residential sales, the booking of revenues and profits from development projects tends to be lumpy, as executive condominium (EC) and overseas projects are largely recognised in their entirety upon completion," CDL said.
"For Singapore private residential sales, the timing of recognition is dependent on the stage of construction and sales progress."
The developer added that its third quarter and year-to-date results were boosted by a gain following the divestment of a non-core office building in Osaka.
By comparison, results for the corresponding period last year included a gain from the divestment of the group's interest in its subsidiary City e-Solutions and the full recognition of revenue and profit of Lush Acres, a fully sold EC.
"Excluding these one-off items, the group's year-to-date Sept 2017 profit after tax and minority interests actually increased by 3.5 per cent."
AT A GLANCE
$863.1 million (-6.5%)
$156.1 million (-8.3%)
Earnings per share dipped to 17.2 cents from 18.7 cents in the previous year while net asset value per share edged up to 10.38 cents as at Sept 30, from 10.22 cents three months ago.
The dividend edged up to 1.97 cents a share from 1.96 cents last year.
It will be paid on Jan 2.
Dividends for ordinary shares are given out in the half-year and full-year periods only.