12 Aug '11, 10pm

CDL's Q2 profit up 17 per cent: by Amanda Feng SINGAPORE - Real estate developer City Developments (CDL) yesterd...

SINGAPORE - Real estate developer City Developments (CDL) yesterday reported a 17-per-cent rise in its second quarter net profit and said the Government would not likely roll out new property market cooling measures. Net profit for the three months ended June 30 was S$220.9 million, compared with a restated S$188.9 million in the corresponding period a year earlier. The gains were mostly recorded from the sale of The Corporate Building and the sale and leaseback of Studio M Hotel. Revenue slipped 0.2 per cent to S$979.4 million. CDL executive chairman Kwek Leng Beng estimated that growth in the region would remain "fairly steady" even as the group remained watchful of the global economic situation. He said: "I don't believe (the Government) will come out with new measures to destabilise the market, especially after S&P re-rated the United States credit rating. The world is...

Full article: http://www.todayonline.com/Business/EDC110813-0000243/CDL...

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