Keppel Land’s Q1 profit down 3.5% on year

Mainboard-listed Keppel Land has posted a 3.5 percent drop in quarterly earnings.

First quarter net profit came in at S$60.3 million, down from S$62.5 million in the same period last year. This was much lower than a Dow Jones Newswires poll estimate of S$98 million.

Revenue fell by 7.6 percent on year to S$273.1 million.

The weak earnings came on the back of a cautious property market, following the sub-prime mortgage crisis in the US.

Keppel Land saw lower earnings from property trading and investment operations. Profit from property trading fell by 13 percent, while gains from property investment declined by almost 34 percent.

The earnings were released after the markets closed on Wednesday. Keppel Land shares ended the day’s trade 3 cents higher at S$6.10.

Source : Channel NewsAsia – 23 Apr 2008

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