City Developments' Q4 net profit down 32% to $163m

City Developments, Southeast Asia's second-largest property developer, posted a 32% fall in fourth quarter net profit on Wednesday, hurt by lower rental income.

CityDev, which owns 54% of London-listed hotel group Millenium & Copthorne (MLC.L), said net profit fell to $163 million in October-December, from a restated $241 million a year ago.

Looking ahead, Executive Chairman Kwek Leng Beng said the hotel operations are expected to perform well, with its London properties boosted by the upcoming Olympics, the Queen's Diamond Jubilee and Farmborough International Airshow.