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Friday, February 26, 2010

City Developments Q4 net profit up 77pc

SINGAPORE: City Developments , Southeast Asia’s second-largest property firm, posted yesterday a 76.7 per cent rise in fourth-quarter net profit, helped by strong Singapore residential property prices.

CityDev reported a net profit of S$176.7 million (S$1 = RM2.42) for the three month ended December, up from S$100 million a year ago. The earnings beat the S$131 million consensus estimate from Thomson Reuters.

By Business Times