SINGAPORE May 14 Singapore property and hotel developer City Developments Ltd reported a 13 percent fall in quarterly profit and said the group would accelerate its overseas expansion plans to boost growth.
The company said on Wednesday its net profit declined to S$119.7 million ($95.6 million) in January-March from S$137.7 million a year ago.
"While the medium to long-term prospects in Singapore continue to remain positive, moving forward, the Group will accelerate its diversification efforts overseas, capitalising on growth markets, and enabling risk diversification," City Developments said in a statement.
"The Group is actively seeking new opportunities in mature markets such as the U.S., Japan and Australia, whose economies are recovering, and whose capital markets' sophistication, transparency and corporate governance are akin to those of Singapore."
($1 = 1.2519 Singapore Dollars) (Reporting by Anshuman Daga; Editing by Mark Potter)