Keppel Land shares jump on strong earnings, dividend

Shares of Singapore’s third-largest property developer Keppel Land jumped 4.3% on Friday after it reported a record 2011 net profit, reported Ruters.

At 9:02 a.m., they were 3.9% higher at S$2.67, with nearly a million shares changing hands.

Keppel Land, the property arm of rig builder Keppel Corp, said its fourth-quarter net profit soared 47% to $914.3 million, boosted by gains from the sale of a property asset.

“A dividend boost of 20 cents was the highlight and should catalyse its near-term share price,” CIMB Research said in a report.