Singapore Land’s Q3 net earnings up 41% to S$56.3m

Singapore Land said on Friday its third quarter net earnings rose 41 per cent to S$56.3 million from a year ago.

This was on the back of a 33 per cent rise in revenue for the three months ended September to S$119.1 million.

The company said the improvement in revenue was mainly due to sales of The Trizon residential project and higher office rental income.

But this was partly offset by lower revenue from its Pan Pacific Singapore hotel operations.

Looking ahead, Singapore Land said the office market is expected to be weak in view of the significant new supply.

But it said the market for private homes is showing signs of recovery although the pace is uncertain.

Source : Channel NewsAsia – 6 Nov 2009

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