Keppel Land's Q3 net profit soars 70% to $126.4 million

Stronger contributions from its property trading segment helped prop up Keppel Land's net profit for the three months to Sept 30, the firm said on Wednesday.

The property giant registered a net profit of $126.4 million, up 70 per cent from the same period a year ago.

Revenue for the three months to Sept 30 also shot up 151 per cent to $417.9 million from $166.4 million a year ago.

Keppel Land said its Chinese properties, such as 8 Park Avenue in Shanghai and The Botanica in Chengdu, recorded strong sales in the third quarter. The firm sold about 3,070 units over the 290 units sold in the same period last year.

Locally, the firm moved about 310 units, mostly from its recently-launched The Glades in Tanah Merah, Corals at Keppel Bay and The Luxurie in Sengkang.

Third quarter earnings per share remained unchanged at 20.6 cents from the corresponding period a year earlier.

Net asset value per share was $4.15 as at Sept 30, up from $3.99 as at Dec 31.