Property developer City Developments yesterday reported that its first-quarter net profit fell 44.5 per cent on-year to S$156.8 million, due mainly to the absence of one-time gains on asset sales made a year earlier.
However, revenue rose 9.4 per cent to S$846.7 million, it said after trading hours.
“With the gradual economic recovery, though at a more cautious pace, the group is optimistic that this will help to improve the sentiments for the high-end residential market,” it said. DOW JONES
Source: Today – 11 May 2012
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