Singapore Land sees Q1 net profit more than double to S$73.2m

Property developer Singapore Land reported net profit of S$73.2 million for the first quarter of 2009 – more than double of the amount recorded a year before.

It saw revenue rise by 4 per cent to S$86.2 million on higher rental income, which was partially offset by lower revenues from its Pan Pacific Singapore hotel.

The developer said revenue from the hotel fell by 28 per cent to S$21.3 million due to lower room rates and occupancy, and lower food and beverage income.

However, it saw higher contributions from developments like The Sixth Avenue Residences and One Amber.

Singapore Land also reported a one-time writeback of deferred income tax of S$26.4 million due to a reduction in corporate tax rate from 18 per cent to 17 per cent.

No dividend was declared for the three months ended March 31.

Going forward, the developer expects the outlook for the residential property market to remain bearish.

The weak sentiment and growing supply of new office and retail space in Singapore will also put further pressure on market rentals.

Source : Channel NewsAsia – 24 Apr 2009

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