City Development sees net profit drop by 16.4% to $127.2 million in third quarter

City Developments posted a 16.4 per cent drop year-on-year for the third quarter.
City Developments posted a 16.4 per cent drop year-on-year for the third quarter.PHOTO: BLOOMBERG

SINGAPORE - City Developments (CDL) posted a profit of $106.4 million for the third quarter ended Sept 30, a drop of 16.4 per cent from $127.2 million for the same period last year.

Revenue dipped by 38.8 per cent to $809.25 million.

CDL said that there was an absence of significant revenue recognition from executive condominium projects so far this year.

Last year, there was revenue recognised from Blossom Residences after it was completed.

Earnings per share fell 16.4 per cent to 11.7 cents, compared with 14 cents for the same quarter in the previous year.

Net asset value per share was $9.53 as at Sept 30 (2015), up from S$9.25 as at Dec 31 (2014).

The counter closed 17 cents lower at $7.71 on Thursday.