City Developments Ltd. (C09.SG) Thursday said its first-quarter net profit fell by about 19% partly due to foreign-exchange losses and the absence of contribution from two joint-venture projects that lifted year-ago earnings.
For the quarter ended March 31, the real-estate developer posted a net profit of 85.5 million Singapore dollars (US$60.6 million), compared with S$105.3 million a year earlier. Its revenue, however, rose by 8.4% from a year ago to S$783.8 million.
It said a disappointing performance by the group's subsidiary, Millennium & Copthorne Hotels, and lower investment income earned from investment in Real Estate Capital Asia Partners, a private real-estate fund, weighed on the results.
"We remain alert to deploy our strong balance sheet for acquisitions in Singapore and abroad," said Kwek Leng Beng, Executive Chairman of CDL. "We will seek new opportunities, value accretive assets and synergistic partnerships that complement our core business."
He added that the residential property market in Singapore is beginning to show some signs of recovery.
Write to Saurabh Chaturvedi at firstname.lastname@example.org
(END) Dow Jones Newswires
May 11, 2017 06:42 ET (10:42 GMT)