CDL’s Q3 profit edges up 1%

City Developments (CDL) said its third-quarter net profit edged up 1 per cent from a year earlier to S$195 million.

The property company said its revenue fell 21 per cent to S$746 million, compared with S$941 million a year ago.

CDL said its hotel operations benefited from a recovery in the hospitality market across all regions.

The rental properties segment also performed well, boosted by gains recognised on dilution of its investment in CDL Hospitality Trusts.

The company said the measures introduced by the Singapore government in August to cool the real-estate market are ensuring that buyers have sufficient funds to meet their monthly mortgage instalments, making the property market here more sustainable.

Source : Channel NewsAsia – 10 Nov 2010

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