Keppel Land's third-quarter profit down 10.6% to $113m

Artist’s impression of Keppel Land’s 629-unit Lakefront Residences. Keppel Land said on Monday that net profit for the third quarter dropped 10.6 per cent from the same period a year ago to $113 million. -- PHOTO: KEPPEL LAND
Artist’s impression of Keppel Land’s 629-unit Lakefront Residences. Keppel Land said on Monday that net profit for the third quarter dropped 10.6 per cent from the same period a year ago to $113 million. -- PHOTO: KEPPEL LAND

Singapore - Keppel Land said on Monday that net profit for the third quarter dropped 10.6 per cent from the same period a year ago to $113 million.

Revenue fell 59.6 per cent to $168.7 million. This was due primarily to lower revenue from the property trading business, Keppel Land said.

"The lower revenue from the property trading segment was due largely to the absence of revenue from The Lakefront Residences in Singapore as this project obtained temporary occupation permit in May 2014," the firm said.

"There were also lower revenues from Phases 4 and 5 of 8 Park Avenue in Shanghai which were launched in June 2013, and Plot 2-1 of The Springdale in Shanghai which was completed in September 2013."

Despite the much lower revenue, the group's pre-tax profit rose by 4.1 per cent over that for the same quarter last year, on account of a gain of $92 million from the divestment of Equity Plaza as well as a share of Keppel Reit's gain amounting to $7.2 million from the divestment of its stake in Prudential Tower.

This was partly offset by a loss of $20.3 million arising from dilution of interest in Keppel Reit.

Earnings per share fell to 7.3 cents, from 8.2 cents in the same period last year.

Net asset value per share stood at $4.59 at the end of September, up from $4.52 at the end of December last year.