Keppel Land lifts earnings on robust home sales

Stronger contributions from its residential projects helped lift Keppel Land's results for the fourth quarter.

The local developer said on Wednesday that it registered a net profit of $567.3 million for the three months to Dec 31, up 7.6 per cent from $527.3 million in the same period a year ago.

Revenue came in at $505.7 million, up 7.2 per cent from $471.9 million a year ago.

Keppel Land said that robust sales driven by pent-up buying demand helped shore up sales in China.

For the full year, net profit rose 5.7 per cent from $838.4 million to $885.9 million.

Revenue came in at a record $1.46 billion for the year, up 55.6 per cent from $938.9 million.

Keppel said it sold a total of 370 homes in Singapore, and 3,870 units in China. This was twice the 1,650 units sold in 2012.

Earnings per share was 57.3 cents for the year ended Dec 31, up 3.2 per cent from 55.5 cents a year ago.

Net asset value was up from $3.99 as at Dec 31, 2012 to $4.52 as at Dec 31.

The directors have proposed a final dividend of 13 cents a share, up from 12 cents last year.

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