Keppel Land on Wednesday said that Q3 net profit rose 70 per cent to $78.5 million, from $46.2 million a year ago as it booked more revenue from its projects and also saw greater contributions from its associated companies.
Revenue climbed 23 per cent to $227.8 million from $185.8 million in Q3 2008. The increase was due mainly to progressive revenue recognition from a fully sold project in Singapore, The Sixth Avenue Residences, which obtained its temporary occupancy permit in August 2009. Higher revenue was also recognised for The Estella in Ho Chi Minh City and several projects in China, namely The Arcadia and Serenity Cove in Tianjin, Stamford City in Jiangyin and Villa Riviera in Shanghai.
In addition, a new revenue stream from Jakarta Garden City in Indonesia, which was launched in December 2008, continued to flow in the current quarter. Also contributing to the improvement in revenue was higher revenue achieved by the group’s investment properties in Singapore and Vietnam, fund management operations, and property services segment.
Source: Business Times, 21 Oct 2009
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