Keppel Land posts 12.2% rise in Q2 net profit to $107.2 million

Keppel Land's 8 Park Avenue. Keppel Land's net profit for the second quarter ended June 30 rose 12.2 per cent to $107.2 million, thanks to higher contributions from it's residential projects in China. -- PHOTO: KEPPEL LAND
Keppel Land's 8 Park Avenue. Keppel Land's net profit for the second quarter ended June 30 rose 12.2 per cent to $107.2 million, thanks to higher contributions from it's residential projects in China. -- PHOTO: KEPPEL LAND

SINGAPORE - Keppel Land's net profit for the second quarter ended June 30 rose 12.2 per cent to $107.2 million, thanks to higher contributions from it's residential projects in China.

However, revenue fell 7.8 per cent to $304.6 million.

Keppel Land said revenue from its property trading business fell mainly because of lower contributions from its Shanghai projects, 8 Park Avenue and The Springdale.

Its overseas net profit represented 33.2 per cent of group earnings for the quarter, compared with 33.8 per cent in the same period last year.

Earnings were also underpinned by higher rental income from it's Marina Bay Financial centre Tower 3, which helped lift net profit from property investments by 28.2 per cent $31.4 million.

Net asset value per share slipped to $4.47, down from $4.52 as at Dec 31.

Earnings per share at the half year mark was 12.6 cents, up from 12.4 cents a year ago.

Net profit for the six month period was up by a marginal 1.5 per cent at $195 million, while revenue rose by 9.7 per cent to $589.5 million.

On the residential sales front in Singapore, the first six months if the year has proved to be "challenging", no thanks to the property cooling measures, said Keppel Land chief executive Ang Wee Gee.

The developer sold 98 residential units in Singapore in the first six months of this year, down from 210 units in the same period last year.

Residential sales came mainly from The Glades, which has sold an additional 81 units in the first six months of the year.

Keppel Land said its Lakefront Residences in Jurong has obtained temporary occupation permit and it is currently handing over units to owners progressively.