http://www.businesstimes.com.sg/sub/...27584,00.html?
February 24, 2011, 8.05 am (Singapore time)
CityDev Q4 net profit up 41%; optimistic outlook
SINGAPORE - City Developments, Southeast Asia's second-largest property firm, posted on Thursday a 41 per cent rise in fourth quarter net profit and said it was optimistic about prospects.
CityDev, which owns 53 per cent of London-listed hotel operator Millennium & Copthorne, said net profit rose to S$249 million (US$195 million) in October-December from S$177 million a year ago, helped by higher contributions from offices and hotels.
This was slightly lower than an average estimate of S$256 million by three analysts surveyed by Reuters.
CityDev, controlled by the family of Singapore tycoon Kwek Leng Beng, recommended a special ordinary dividend of 10 Singapore cents per share in addition to the ordinary dividend of 8 cents per share.
Larger rival CapitaLand reported a net profit of S$522.1 million on Tuesday, 41 per cent lower than S$885.7 million a year ago.
CityDev does not book gains from the revaluation of its portfolio as profit unlike CapitaLand so their results are not directly comparable.
CityDev said positive sentiments riding on Singapore's forecast GDP growth of 4-6 per cent this year will bolster sentiment and increase confidence across all business segments. -- REUTERS