Property developer Keppel Land has announced that its net profit for the second quarter increased 20.3 percent to $70 million on the back of a 19-percent fall in Q2 revenue to $202.8 million.
The company’s net profit for the first half of this year also increased 41.6 percent to $134.7 million, attributed to the continued improvement of the local and regional property market, while net profit from property trading in H1 this year rose 26.4 percent to $104.3 million.
Keppel Land noted that the profits came largely from its Singapore residential projects, Reflections and Caribbean at Keppel Bay, and from The Arcadia and Villa Riviera, in China.
A 37.6-percent increase to $27.1 million was also recorded in the company’s property investment earnings, driven by higher contribution from K-Reit Asia.
Looking forward, the company said it will closely watch the property market for strategic acquisitions and appropriate project launches. It added that it planned to launch the first phase of its Lakeside Drive project by the end of 2010.