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
($1 = 1.2519 Singapore Dollars)
(Reporting by Anshuman Daga; Editing by Mark Potter)