City Developments says performance for the quarter ended 30 September 2012 (Q3 2012) improved marginally compared to the corresponding period in previous year. Group revenue of $832.9 million (Q3 2011: $805.8 million) and attributable profit after tax and non-controlling interests of $134.5 million (Q3 2011: $132.1 million) were achieved.
For the nine-month period ended 30 September 2012 (YTD Sept 2012), the group reported revenue of $2.47 billion revenue (YTD Sept 2011: $2.56 billion) and attributable profit after tax and non-controlling interests of $429 million (YTD Sep 2011: $635.3 million), which decreased by 3.6% and 32.5% respectively. The decrease in profit was due to substantial divestment gains recognised in 2011 from the disposal of The Corporate Office, The Corporate Building and the sale and leaseback of Studio M Hotel.
At the pre-tax level, property development segment remained the lead contributor to the group’s performance for YTD Sept 2012, followed by the hotel operations.
However, for Q3 2012, the rental properties segment surpassed the hotel operations to be the next highest contributor after property development segment in view of gains recognised from the sale of certain strata units in GB Building, Citimac Industrial Complex, Pantech Business Hub and Elite Industrial Building II.
Basic earnings per share of the group increased by 2.1% to 14.8 cents (Q3 2011: 14.5 cents) for Q3 2012 but decreased by 32.8% to 46.5 cents for YTD Sept 2012 (YTD Sept 2011: 69.2 cents).
As at 30 September 2012, the group continued to have a healthy balance sheet with a relatively low net gearing ratio at 24%. Its interest cover was at 16.1 times for YTD Sept 2012.
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