City Developments reports 10.4% drop in Q3 net profit

City Developments (CDL) saw its third quarter net profit fall 10.4 per cent to $120.6 million, due to unrealised profits from uncompleted projects and some newly launched ones.

Revenue for the three months to Sept 30 dipped 1.2 per cent to $822.7 million year-on-year, said the property giant on Tuesday.

It said in a statement that profits were not realised from properties such as Echelon, UP@Roberston Quay, Bartley Ridge, D'Nest and Jewel @ Buangkok "as these projects are either in early stages of construction or construction has not commenced yet".

No profits were recorded for two fully sold executive condominiums (ECs) -The Rainforest and Blossom Residences - and the newly launched Lush Acres EC which has almost fully sold out.

Earnings per share was 13.3 cents for the quarter, while net asset value per share was $8.36.