Singapore's CityDev Q2 net profit rise 48 pct

SINGAPORE Mon Aug 5, 2013 7:36pm EDT

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SINGAPORE Aug 6 (Reuters) - Singapore property and hotel firm City Developments Ltd posted a 48 percent rise in second quarter net profit on Tuesday after gains from asset sales offset lower contributions from hotels.

CityDev earned S$203.8 million ($160.50 million) in the three months ended June, up from S$137.7 million a year ago.

The developer said its rental properties business was the lead contributor to earnings largely due to the gains recognised from the disposal of 100G Pasir Panjang, a property in western Singapore.

CityDev also declared a special interim dividend of 8 Singapore cents per ordinary share.

CityDev's hospitality arm Millennium & Copthorne Hotels PLC last week reported a 27 percent fall in pretax profit and said the outlook for its Asian operations was weak because of economic uncertainty, greater hotel capacity and increasing costs, particularly in Singapore.

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