Tuesday, Jun 2, 2015Tuesday, Jun 2, 2015

City Developments reports 13.1% fall in Q1 net profit

Published on May 14, 2014 6:24 PM

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.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!