Higher contribution from Pan Pacific lifts earnings at Singapore Land

Office landlord Singapore Land announced that its second quarter net profit more than doubled to $147.2 million from $46.5 million.

Stripped away fair value gain on investment properties, net profit from operations was up 14 per cent at $48.3 million.

Revenue for the three months to June 30 rose by 14 per cent to $118.8 million, due mainly to higher revenue from Pan Pacific Singapore hotel.

This was partially offset by lower trading property sales.

Revenue from Pan Pacific Singapore hotel increased by $23.6 million to $26.8 million, following its reopening after closure for renovation from April to August 2012.

Sales of trading properties at $32.8 million, was lower by $6.8 million due mainly to lower contribution from The Trizon residential project, which was completed in May last year.

Gross rental income from investment properties decreased by $1.6 million to $57.5 million due to redevelopment of the Marina Bayfront office and upgrading works at certain sections of the Marina Square retail mall.

Earnings per share swelled to 35.7 cents from 11.3 cents previously while net asset value per share grew to $12.72 compared to $12.42 as at Dec 31.

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