SINGAPORE, Nov 12 (Reuters) - Singapore’s City Developments Ltd said on Tuesday its third-quarter net profit fell 10.4 percent to S$120.6 million ($96.58 million) from S$134.5 million a year earlier.
Profit for the first nine months of the year at the property and hotel firm grew 7.7 percent on the year. For the first nine months, the rental properties segment maintained its lead in contributing to the company’s pre-tax profit, followed by its property development business.
Hotel operations reported lower profits for both the third quarter and the first nine months of 2013, largely due to an ongoing refurbishment programme and less favourable trading conditions for some hotels in Asia, the company said.
CityDev's hospitality arm, Millennium & Copthorne Hotels PLC , reported a 6 percent rise in pre-tax profit for the third quarter, though the pre-tax profit in the first nine months dropped 18 percent on the year. (link.reuters.com/buf64v)
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($1 = 1.2487 Singapore dollars)
Reporting by Rujun Shen