Lower property sales lead to 17% fall in earnings at Singapore Land

Office landlord Singapore Land reported a 17 per cent drop in full year net profit to $339.2 million.

This came on the back of a 22 per cent decline in revenue to $454 million for the year to Dec 31.

The fall was attributable mainly to lower trading property sales, partially offset by higher revenue from Pan Pacific Singapore hotel.

Lower residential property sales recognition of The Excellency in Chengdu and The Trizon, partially offset by sales of the V on Shenton resulted in a 64 per cent drop in sales of trading properties to $96 million.

Revenue from Pan Pacific rose by 73 per cent to $113.5 million following its reopening in September after a five month closure for renovation.

Earnings per share eased to 82.2 cents from 98.7 cents previously while net asset value per share swelled by 65 cents to $13.07.

An unchanged final dividend of 20 cents a share was proposed.

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