City Developments posts 49.6% drop in 1st quarter net earnings to S$83.1m

City Developments has posted a 49.6 per cent decline in first quarter net earnings to S$83.1 million.

The Singapore-listed developer said the decline in earnings was mainly due to lower contributions from both its property development and hotel operations.

Revenue for the three months ended March fell 18 per cent to S$622.5 million.

Looking ahead, CDL said it believes that the global economic scenario is better than six months ago.

It said market sentiment globally is generally improving and many are looking at property as a reliable instrument for investment.

The company said it has seen a good sales take-up rate at its ‘The Arte’ project at Thomson.

It adds that the increased number of visitors to show flats also indicates that there are still many genuine investors who are shopping for good investments.

The developer is confident of remaining profitable for the current year.

Source : Channel NewsAsia – 11 May 2009

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