Keppel Land posts 28.5% rise in 3Q net profit to $74.5m

Keppel Land said net profit for 3Q2012 increased 28.5% to $74.5 million from $57.9 million in 3Q2011, boosted by the non-recurring gain of $16.7 million from the divestment of 22.7% effective interest in Saigon Centre Phase 2 and higher contribution from Hotel Sedona Yangon in Myanmar and Spring City Resort in Kunming.

Revenue for 3Q2012 rose by $54.7 million or 49% compared with 3Q2011. The increase was due to higher revenues reported by the Property Trading segment ($62 million), Fund Management segment ($2 million) and Hotels and Resorts segment ($1.8 million), partly offset by lower revenues from the Property Investment segment ($7.7 million) and Others segment ($3.4 million).