19 Apr '11, 1pm

Keppel Land achieves 45.5% growth in Q1 net profit

SINGAPORE: Keppel Land said it achieved a 45.5 per cent growth in its first-quarter net profit, thanks to higher contributions from property trading and a chunky divestment gain. The Republic's third-largest property developer said it earned S$92.1 million in the January-March period, up from S$63.3 million made in the first quarter of the previous year. Property trading recorded an 8.2 per cent increase in net profit to S$51.6 million contributed by sales of local residential projects, in particular Reflections at Keppel Bay and The Lakefront Residences, as well as Elita Promenade in Bangalore, India upon its physical completion in March 2011. In January, Keppel Land and sister firm Keppel Telecommunications & Transportation Ltd announced the formation of a joint venture company to consolidate the data centre assets. Keppel Land then disposed of its interest in Keppel Dig...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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