City Developments (CDL) says its net profit for the second quarter jumped 48 percent on-year while warning of more headwinds in the second half of the year. In a filing to the Singapore Exchange, C-D-L reported net profit of S$203.8 million for the Q2 period ended June. Revenue grew 1.8 percent to S$801.6 million for the three-month period. The developer says the better performance is on the back of the sales of a rental property and several strata units. It adds that brisk sales in residential projects also contributed to its growth. Looking ahead, Kwek Leng Beng, CDL Executive Chairman said "the global economy remains fragile and unpredictable" while "domestically, the latest round of property cooling measures has been the most effective to date" He added that "prices in general are expected to be moderated for the mass market segment due to the tightening of bank borrowings." CDL also declared a special interim dividend of 8 cents per ordinary share. 938LIVE / tt
Posted on: Mon, 05 Aug 2013 23:41:30 +0000
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