Keppel Land, Singapore's third-biggest developer by market value, posted a seven-fold rise in fourth quarter net profit on Tuesday driven by strong home sales and property divestment gains.
KepLand, which derives the bulk of its income selling apartments in Asian countries including Singapore, China, Vietnam, and India, earned $572.3 million (US$404 million) in the October-December period, up from $81.2 million reported a year ago. The quarterly results beat the mean forecast of $302 million from a Reuters poll of four analysts, lifted by soaring home prices in Asia and the divestment of an office building to property trust K-Reit Asia which the developer spun off in 2006.
Shares of KepLand fell 12.3 per cent in the last quarter compared with a 23.1 per cent drop for CapitaLand and a 12.3 per cent fall for City Developments, underperforming a 6 per cent drop in the broader Straits Times Index. -- REUTERS
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