Keppel Land (KLAN.SI), Singapore’s third-largest property developer, said on Wednesday second quarter net profit fell 65% from a year ago as revenue from property trading plunged as a result of adopting a new accounting policy.
The property arm of rig-maker Keppel Corp (KPLM.SI) reported net profit of $50.5 million for the three months ended June, down from a restated $143.8 million a year ago.
The property arm of rig-maker Keppel Corp (KPLM.SI) reported net profit of $50.5 million for the three months ended June, down from a restated $143.8 million a year ago.
Keppel Land restated its 2010 earnings to make them comparable with its second quarter results that adopted a new accounting standard, which took effect Jan 1.
Keppel Land’s net profit in the first half of 2011 would have increased 22.6% from a year ago if not for the changes in accounting policies, Chief Executive Kelvin Wong said in a statement.
Keppel Land said sales volume and prices in China have moderated due to the property cooling measures.
“With credit tightening, developers with strong balance sheet are more resilient than developers in weaker financial position. This presents a window of opportunity for Keppel Land to acquire sites,” Wong said.
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