Keppel Land’s Q2 net profit up 10.4% to S$58.2m

Mainboard-listed Keppel Land said its second quarter net earnings rose 10.4 per cent to S$58.2 million from a year ago, as sales of residential property rose on improved sentiments.

Revenue for the three months ended June climbed 34.4 per cent to S$250 million from a year earlier.

The developer said sales of its Marina Bay Residences, The Sixth Avenue Residences, Reflections at Keppel Bay and The Tresor during the quarter contributed to the higher profit.

The firm also recorded higher rental income from Singapore and a bigger share of profit from its K-Reit Asia unit.

Keppel Land said concerted efforts by the regional governments to stimulate economic growth are yielding positive results. It said sales of its projects in China and Vietnam have improved in recent months.

And the developer added that its increased cash position as a result of the rights issue has enhanced its ability to fund future acquisitions.

Looking ahead, it will seek selective acquisitions in Singapore and overseas to capitalise on opportunities presented by the downturn.

Source : Channel NewsAsia – 22 Jul 2009

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