City Developments reports 13.1% fall in Q1 net profit

SINGAPORE - City Developments (CDL) saw its first quarter net profit fall 13.1 per cent to $119.7 million, owing to an absence of gains that had lifted earnings in the same period last year.

Revenue for the three months to Mar 31 dipped 5.4 per cent to $734.2 million year-on-year, said the property giant on Tuesday.

Gains recorded in the first quarter of 2013 were from the disposal of strata units in Elite Industrial Building I, Elite Industrial Building II and Citimac Industrial Complex.

If these gains were excluded, the firm said that its net profit would have increased by 4 per cent.

The property development segment was the top contributor, which remained relatively on par despite lower revenue, when compared with the same period last year.

CDL said profit from joint venture projects Bartley Ridge, The Inflora and Echelon contributed, together with higher contribution from Bartley Residences.

The rental properties segment saw much lower earnings due to the absence of the gains from the first quarter last year.

Earnings per share was 13.2 cents for the quarter, while net asset value per share was $8.63.