CDL Q3 Net Profit Slips 11%, Defers South Beach Project

Source : The Business Times, November 13, 2008

City Developments has posted an 11 per cent drop in third quarter net earnings to S$150.8 million. Net profit for the first nine months of this year dipped 1.8 per cent to S$480.95 million.

It also revealed that that the construction of the group's South Beach project has been deferred. 'Under the current economic turmoil and the presently high construction cost environment that Singapore is currently experiencing, the group and its two joint-venture partners for the South Beach development have agreed in principle, to defer the construction of this project.

'The consortium believes that construction cost will come down over time and therefore, it will delay the development of South Beach till construction cost reverts to more reasonable level. The Group has a one-third share in South Beach,' CDL said in its results statement.