Singapore Land posts 1,252% rise in full-year net profit

Fair value gains as a result of a revaluation of properties has boosted the full-year earnings of Singapore Land by 1,252 percent.

It posted net earnings of nearly S$1.4 billion, compared with S$121 million in the year-ago period.

Revenue rose 34 percent to S$271 million.

This was due to the contribution from its Pan Pacific Singapore hotel operations and higher rental income.

Singapore Land expects the office and retail rental market to remain buoyant in 2008 because the Singapore economy is forecast to grow moderately and office supply will continue to be limited.

However it is more cautious about the residential property space, amidst the current turbulent global financial environment

Singapore Land is recommending a first and final dividend of 20 Singapore cents per share.

Meanwhile, its parent company United Industrial Corp reported a 139 percent rise in its net profit for the full year to S$1.2 billion.

This is on the back of a 62 percent rise in revenue to S$528 million. – CNA/ms

Source : Channel NewsAsia – 29 Feb 2008

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