12 May '17, 2am

CDL posts 8.4% rise in Q1 revenue

Despite a challenging market, City Developments Limited (CDL) recorded a revenue of SGD783.8 million in Q1 2017, up 8.4% from the SGD723.3 million in the same period a year ago, revealed an SGX filing on Thursday (11 May). “The increase is attributable to improved performance from the property development segment which posted a 33.9% increase in contribution, primarily led by the progressive handover of units in Phase One of Suzhou Hong Leong City Center (HLCC) and a strong take up for Gramercy Park.” However, net profit declined 18.9% to SGD85.5 million compared to SGD105.3 million in Q1 2016. The lower net profit is due to various factors, such as the lacklustre performance by the group’s subsidiary Millennium & Copthorne Hotels plc and the absence of contribution from two joint venture projects completed last year — Echelon and Bartley Ridge. Another reason is the lower...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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