Singapore's CityDev says Q2 net profit falls 15 pct

SINGAPORE Aug 13 (Reuters) - Singapore's City Developments (CTDM.SI), Southeast Asia's second largest property firm, posted on Thursday a 15 percent fall in second quarter net profit, but said it was confident a recovery was in sight.

CityDev reported net profit of S$140 million ($97 million) for the three months ended June, down from S$165 million a year earlier, mainly due to lower contributions from its hotel operations.

"Last quarter, the group had already indicated that the economic conditions have improved somewhat. It remains optimistic that a gradual, sustained recovery is possible," the firm said in its earnings statement.

The Singapore firm's 53 percent held unit Millennium & Copthorne MLC.N, which manages or owns over 120 hotels around the world, reported last week a 46 percent fall in profit before tax to 19.5 million pounds.

CityDev is expected to post net profit of S$456 million this year, down from S$581 million last year, according to analysts polled by Thomson Reuters. (Reporting by Kevin Lim; Editing by Saeed Azhar)