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20-01-2012, 08:14 AM
(This post was last modified: 23-10-2013, 03:14 PM by CityFarmer.)
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The Straits Times
Jan 20, 2012
Keppel Land net profit up 47% for Q4
By Esther Teo
DEVELOPER Keppel Land's fourth-quarter net profit jumped 47 per cent, thanks mainly to a one-time gain from the sale of its stake in Ocean Financial Centre.
Earnings hit $1.17 billion, while revenue for the three months to Dec 31 rocketed 186 per cent to $375.2 million compared with the same period in 2010.
Net profit for the full year gained 30 per cent to a record $1.37 billion - buoyed by a $508.1 million gain from the sale of the group's 87.5 per cent stake in Ocean Financial Centre.
Revenue climbed 39 per cent to $949 million.
Net profit from property trading was 7 per cent lower at $198.5 million last year compared with the year before, with contributions mainly from projects such as The Luxurie, The Lakefront Residences and Marina Bay Suites.
About 480 mainly suburban homes were sold here last year, while more than 2,000 units found buyers overseas.
Keppel Land also warned about various sectors. It said in a statement that the Dec 7 cooling measures amid a weak global economic outlook are expected to affect buyer sentiment. The office market is also expected to moderate this year.
Chief executive Kevin Wong said the firm is expanding its commercial presence overseas. This will allow it to have a more balanced portfolio to moderate the volatility of the different property sectors.
'Asian economies will experience some knock-on effects from global economic uncertainties, but the group's established presence in key Asian markets will position it well to ride on the market recovery when the situation settles,' he added.
Keppel Land's China unit said it is acquiring a stake in a prime commercial site earmarked for office and retail in Beijing's Central Business District for about one billion yuan (S$203 million).
Earnings per share for the full year rose to 93.2 cents, from 73.3 cents in the same period in 2010, while net asset value per share was $3.64, up from $2.85.
A final dividend of 20 cents a share was recommended.
Keppel Land's shares closed up six cents to $2.57 yesterday.
The Straits Times
Jan 20, 2012
Keppel Land net profit up 47% for Q4
By Esther Teo
DEVELOPER Keppel Land's fourth-quarter net profit jumped 47 per cent, thanks mainly to a one-time gain from the sale of its stake in Ocean Financial Centre.
Earnings hit $1.17 billion, while revenue for the three months to Dec 31 rocketed 186 per cent to $375.2 million compared with the same period in 2010.
Net profit for the full year gained 30 per cent to a record $1.37 billion - buoyed by a $508.1 million gain from the sale of the group's 87.5 per cent stake in Ocean Financial Centre.
Revenue climbed 39 per cent to $949 million.
Net profit from property trading was 7 per cent lower at $198.5 million last year compared with the year before, with contributions mainly from projects such as The Luxurie, The Lakefront Residences and Marina Bay Suites.
About 480 mainly suburban homes were sold here last year, while more than 2,000 units found buyers overseas.
Keppel Land also warned about various sectors. It said in a statement that the Dec 7 cooling measures amid a weak global economic outlook are expected to affect buyer sentiment. The office market is also expected to moderate this year.
Chief executive Kevin Wong said the firm is expanding its commercial presence overseas. This will allow it to have a more balanced portfolio to moderate the volatility of the different property sectors.
'Asian economies will experience some knock-on effects from global economic uncertainties, but the group's established presence in key Asian markets will position it well to ride on the market recovery when the situation settles,' he added.
Keppel Land's China unit said it is acquiring a stake in a prime commercial site earmarked for office and retail in Beijing's Central Business District for about one billion yuan (S$203 million).
Earnings per share for the full year rose to 93.2 cents, from 73.3 cents in the same period in 2010, while net asset value per share was $3.64, up from $2.85.
A final dividend of 20 cents a share was recommended.
Keppel Land's shares closed up six cents to $2.57 yesterday.
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