City Developments Q2 net profit rises 48%, declares special interim dividend

City Developments Limited (CDL) headquarters along Robinson Road. Singapore property and hotel firm City Developments posted a 48 per cent rise in second quarter net profit on Tuesday after gains from asset sales offset lower contributions from
City Developments Limited (CDL) headquarters along Robinson Road. Singapore property and hotel firm City Developments posted a 48 per cent rise in second quarter net profit on Tuesday after gains from asset sales offset lower contributions from hotels. -- ST FILE PHOTO: KUAH CHEE SIONG

REUTERS - Singapore property and hotel firm City Developments posted a 48 per cent rise in second quarter net profit on Tuesday after gains from asset sales offset lower contributions from hotels.

CityDev earned $203.8 million in the three months ended June, up from $137.7 million a year ago.

The developer said its rental properties business was the lead contributor to earnings largely due to the gains recognised from the disposal of 100G Pasir Panjang, a property in western Singapore.

CityDev also declared a special interim dividend of 8 cents per ordinary share.

CityDev's hospitality arm Millennium & Copthorne Hotels last week reported a 27 per cent fall in pretax profit and said the outlook for its Asian operations was weak because of economic uncertainty, greater hotel capacity and increasing costs, particularly in Singapore.