S’pore Land’s Q3 profit down 11%

Mainboard-listed property developer Singapore Land said its third-quarter net profit dropped 11 per cent from a year earlier to S$50.1 million.

This was despite revenue growing 29 per cent from a year ago to S$154 million.

The developer said the higher revenue was due to better sales of trading properties and higher revenue in the Pan Pacific Singapore hotel.

The hotel’s revenue rose 29 per cent to S$27 million with higher contributions from room rentals and F&B.

But Singapore Land said overall revenue growth was partially offset by lower rental income, with gross rental income from investment properties dropping 3 per cent to S$62 million.

Going forward, Singapore Land expects the outlook for the retail leasing sector to remain positive, backed by strong visitor arrivals and good economic growth prospects.

It also expects the market to be competitive in view of new supply.

Source : Channel NewsAsia – 9 Nov 2010

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