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3 years ago
City Developments Q2 core profit up 90 pct
August 14, 2014 / 12:15 AM / 3 years ago

City Developments Q2 core profit up 90 pct

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SINGAPORE, Aug 14 (Reuters) - City Developments Ltd , Southeast Asia's second-largest property developer, reported a 90 percent rise in its second quarter core net profit on Thursday, led by its hotel and property development businesses.

It said core earnings came in at S$138 million ($110.5 million)compared with S$73 million a year ago.

The company said it is accelerating its plans to expand overseas given the challenging conditions in Singapore's property market, and plans to establish platforms in Japan and Australia by the end of the year. (1 US dollar = 1.2488 Singapore dollar) (Reporting by Rachel Armstrong; Editing by Paul Tait)

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