City Developments: Fourth-quarter profit surges 53% to $249.3 million

Property developer City Developments said today that fourth-quarter profit jumped 53 per cent, boosted by its property development business to $249.3 million.

Chairman Kwek Leng Beng said: "2013 remains unpredictable on the global economic front. The group has already established some growth platforms and will build upon them. We will focus on deriving more earnings from overseas growth engines."

For the full year ended Dec 31, City Developments reported a 15 per cent decline in profit to $678.3 million amidst challenging conditions.

Revenue however grew 2.2 per cent to a record $3.4 billion last year.

CDL said that excluding one off gains profit would have grown 5.8 per cent compared with 2011.

It proposed a dividend of 13 cents, including a special dividend of five cents.