Southeast Asia’s second-largest property developer City Developments Limited (CDL) has announced that its net profit in Q2 increased 17.6 percent to S$164.6 million from S$140 million over the same period last year.
CDL said that the increase in net profit was attributed to the higher contributions from its hotels and residential projects. However, the company’s Q2 profit was lower that the S$190-million estimate by three analysts surveyed by Reuters.
Given the strong economic condition in Singapore, the company said it is expected to remain profitable over the full fiscal year.
“Positive sentiment will be beneficial to all of the group’s business segments comprising mainly property development, hotel operations and rental properties,” said Kwek Leng Beng, executive chairman of CDL, in a press release.