Property firm City Developments (CityDev) has posted net profits of S$150.8 million for the third quarter of this year, down 11 per cent from last year. Revenue for the period fell 13.6 per cent to S$688 million.
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The firm said it would hold back the launch of new residential projects for the time being, in light of the subdued property market and global economic uncertainty. It has also agreed with its joint venture partners to defer construction of its South Beach development until construction costs come down from their present high levels.
Lower revenue figures were attributed to the fact that many of its projects, such as the Savannah CondoPark, The Equatorial, The Pier at Robertson and The Imperial, had been fully sold by the end of last year.
The company also saw lower earnings from its City Square Residences and a decline in land bank sale in New Zealand.
In addition, the slowing global economy caused CityDev's hotel business to decline by about 5.1 per cent in the third quarter as compared to last year.
CityDev also said that the weakening of the US dollar and the pound against the Singapore dollar contributed to lower earnings.
For the first nine months of the year to September, net profits stood at S$481 million, 1.8 per cent lower compared to the same period last year. - CNA/so
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