CDL net profit up 10.4% in Q3

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CDL net profit up 10.4% in Q3

City Developments Limited (CDL) saw its net profit increase 10.4 percent to $161.8 million during the third quarter of 2018...

CDL may look to launch the Amber Park en bloc site in the first half of 2019. (Photo: JLL)

City Developments Limited (CDL) saw its net profit increase 10.4 percent to $161.8 million during the third quarter of 2018 from $146.6 million over the same period last year.

Revenue rose 17.7 percent to $1.017 billion from $863.8 million previously.

CDL noted that the hike in revenue and profit were underpinned by the strong performance of its property segment arising from projects in Singapore, Japan and China.

For the first nine months of 2018, net profit jumped 25.4 percent to $446.6 million, while revenue surged 37.3 percent to $3.434 billion.

Looking ahead, the group is preparing three sites in Singapore to be launch-ready during the first half of 2019 – the Amber Park en bloc site which is expected to yield 592 units, the Handy Road site with 188 units and the Sumang Walk site (possibly the only EC launch in 2019) with 820 units.

“Notwithstanding global macroeconomic uncertainties and persistent headwinds for the Singapore residential property market, the group has continued to achieve an encouraging set of results for another quarter,” said CDL executive chairman Kwek Leng Beng.

“Given the rapidly evolving business landscape, our diversified business in terms of product, sector and geography has helped us to weather headwinds that may impact any specific sector. These various platforms enable us to better navigate through cyclical market headwinds and nimbly manage our overall financial performance, while still ensuring a strong balance sheet,” he said.

“While Singapore will always remain as our core focus, we will continue to explore opportunities both domestically and overseas to diversify, enhance earnings and maximise returns for shareholders.”

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg