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SG Keppel Land net profit dives 31.9 percent

Property Here - Thursday, April 18, 2013

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By Shabnam Muzammil:

Keppel Land posted a 31.9 percent drop in its net profit for Q1 2013 to S$96.6 million from S$141.9 million in the same period last year, while gross profit fell 15 percent to S$58.75 million from S$69 million seen in the first quarter of 2012. 

According to the developer, the decline was attributed to “a 57 percent drop in profit from property trading to S$56.9 million as a substantial number of units from Reflections at Keppel Bay, sold under the deferred payment scheme, were recognised in the first quarter of 2012”.

Meanwhile, net profit from property investment rose 22.6 percent to S$24.4 million due to higher contribution from the completion of Phase Two of Marina Bay Financial Centre and the improved performance of Keppel REIT.

Moreover, the higher fee income for Alpha Investment Partners and Keppel REIT Management boosted earnings of property fund management by 25 percent to S$14 million from S$11.2 million in Q1 last year.

Moving forward, the group will focus on the core markets of Singapore and China while strengthening its position in Vietnam and Indonesia.

 

Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@allproperty.com.sg