Saturday, Apr 25, 2015Saturday, Apr 25, 2015

City Developments Q2 core profit up 90%, steps up overseas push

Published on Aug 14, 2014 9:29 AM

SINGAPORE (Reuters) - City Developments, Southeast Asia's second-largest property developer, reported a 90 per cent rise in quarterly core net profit due to earnings contributions from new projects.

Core earnings came in at $138 million in the second quarter compared with $73 million a year earlier, excluding one-off gains, the Singapore-based company said in a statement on Thursday.

The maiden contributions offset a slowdown in demand from some segments because of measures taken by the Singapore government to cool the country's real estate market.

City Dev said it was accelerating its overseas expansion in response, planning to establish platforms in Japan and Australia by the end of the year.

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