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Friday, February 29, 2008

Singapore’s CityDev 2007 profit doubles

SINGAPORE: City Development, South-East Asia’s second largest property developer, yesterday beat market forecasts by more than doubling its 2007 profit on home sales and hotel revenues, and said it was upbeat despite the credit crisis.

“Property development will continue to make significant contribution with locked-in profits yet to be recognised from pre-sold residential projects,” CityDev executive chairman Kwek Leng Beng said in a statement.

CityDev reported record full-year net profit of S$725mil, against S$351.7mil a year earlier, beating an average forecast of S$625.4mil by Reuters Estimates.

The company did not report separate fourth-quarter earnings, which jumped 72% to S$235mil, compared with S$137mil a year earlier, according to Reuters calculations.

“The results came in above everyone’s expectations,” said CIMB analyst Donald Chua. Analysts had expected a slide in fourth-quarter earnings due to the absence of one-time gains.

CityDev’s full-year results did not take into account revaluation gains on its investment properties, which would have boosted full-year earnings to S$2.8bil, the company said.

Its accounting differed from CapitaLand, South-East Asia’s biggest developer, which last week reported revaluation gains of S$136.8mil on its assets for the final quarter of 2007.

Private home prices in Singapore jumped 31.2% last year, boosting CityDev and its Singapore rivals CapitaLand and Keppel Land.

By Reuters

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