SINGAPORE Aug 6 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
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.