Keppel Land Q1 net profit down 17.2%

SINGAPORE - Property developer Keppel Land reported on Wednesday that first quarter net profit fell 17.2 per cent to $72.6 million.

Revenue for the three months to Mar 31 dipped 2.3 per cent to $278.4 million, compared with a year ago, owing to lower sales by the property trading segment.

Keppel Land said in a statement that this was because there was a lack of revenue from The Lakefront Residences in Singapore, as it obtained temporary occupation permit last May. There was also lower revenue from Plot 2-2 of The Springdale in Shanghai, which was completed in last March.

But these were partly offset by higher sales from The Luxurie in Singapore, and Phases 4 and 5 of 8 Park Avenue in Shanghai.

Keppel Land also reported a lack of contribution from Equity Plaza and MBFC Tower 3, which were sold last year.

First quarter earnings per share stood at 4.7 cents, down from 5.7 cents the previous year, while net asset value per share rose to $5.11 as at March 31, up from $4.96 as at Dec 31.

Keppel Corp acquired 95.1 per cent of property arm Keppel Land on March 31. Trading has been suspended and steps are being taken to delist Keppel Land from the Singapore Exchange.