City Develpments (CDL) says it posted a 32.4% drop in net profit the for the third quarter ended Sept 30, 2011 to $132.1 million from the year ago period.
Revenue rose 8.1% to $805.8 million.
CDL says despite the increased contribution from the property development segment, group profit fell as a result of lower contribution from rental properties following the disposal of non-core investment properties in 2010 and early part of 2011 as well as the absence of gains from dilution of investment in CDL Hospitality Trusts (CDLHT) following a CDLHT private placement in July 2010.
In addition, higher recognition of net unrealised losses arising from fair value readjustments of the group’s trading securities as a result of the adverse movements in global financial markets had also affected the performance of this quarter.
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