Singapore property group Singapore Land Ltd has reported that its net profit in the third quarter dropped 11 percent to S$50.15 million from the previous year.
This was attributed to a lower gross rental income from investment properties, and the absence of contribution from The Sixth Avenue Residences and One Amber projects, which were fully completed and sold in August 2009 and April 2010, respectively.
However, revenue climbed 29 percent to S$154.02 million, attributed to higher sales of trading properties, as well as higher revenue in Pan Pacific Singapore hotel.
Sales of trading properties reached S$63.4 million, up 93 percent or S$30.5 million, attributed to higher progressive recognition of sales from residential projects like The Excellency and The Trizon, while revenue in Pan Pacific Singapore hotel surged 29 percent to S$27.3 million due to higher room and F&B revenue.