Keppel Land’s net profit down 23% for first nine months of 2008

Keppel Land has turned in a 23.2 per cent drop in earnings for the first nine months of 2008.

Net income came in at S$159 million. Revenue for the same period fell by almost 38 per cent on-year to S$645 million.

Keppel Land said the global economic crisis has hurt residential sales in China, Vietnam, India and Indonesia in the third quarter of 2008.

It also saw lower earnings from its property services and hotels division.

For the third quarter, the company’s profit fell 43.6 per cent on-year to S$46.2 million, compared with S$81.8 million a year earlier.

Sales dropped 51.4 per cent from S$382 million to S$185.8 million.

Source : Channel NewsAsia – 23 Oct 2008

Join The Discussion

Compare listings