Keppel Land Q1 Profit Down 3.5%

Source :　The Business Times, April 23, 2008

Keppel Land, Singapore's third-biggest developer by market value, posted on Wednesday a 3.5 per cent fall in quarterly net profit as the US sub-prime mortgage crisis hurt new property launches.

KepLand, which derives the bulk of its income selling apartments in Asian countries including Singapore, China, Vietnam, and India, earned $60.3 million (US$44.77 million) in the three months to end-March, down from $62.5 million reported a year ago.

The developer, 53 per cent-owned by conglomerate Keppel Corp, said this week that it secured an option to develop a 1,500 unit residential project in Vietnam costing US$390 million. -- REUTERS