Keppel Land’s revenue grew 9.7 percent year-on-year (y-o-y) to $589.5 million in H2 2014.
Its pre-tax profit of $260.3 million was 23.2 percent higher compared to the first half of 2013.
The Group achieved a net profit of $195 million for the first half of 2014, up 1.5 percent against $192.1 million in H1 2013.
For the second quarter of 2014, net profit was up 12.3 percent y-o-y to $107.2 million.
Earnings from overseas rose 28.2 percent y-o-y to $62.3 million in the first half of this year. This is about 31.9 percent of net profit, an increase from 25.3 percent for the first half of 2013.
The higher overseas profit was contributed mainly by China residential projects.
Property investment contributed $60.7 million to net profit, up 18.1 percent y-o-y on higher contributions from Marina Bay Financial Centre (MBFC) Tower 3, Life Hub @ Jinqiao in Shanghai and Keppel REIT. As a result, property investment’s share of net profit grew to 31.1 percent compared with 26.8 percent in H1 2013.
Keppel Land sold 98 units in Singapore in the first half of this year, mainly from The Glades, and is currently handing over the recently completed Lakefront Residences (pictured).
The Group is planning to launch Highline Residences in the second half of this year.
“Moving forward, the Group will maintain its focus on its core markets of Singapore and China as well as strengthen its market position in Indonesia and Vietnam. The Group will also opportunistically invest in new markets, platforms, properties and projects,” Keppel Land said in a statement.
It will also continue to grow its commercial portfolio overseas.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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