Wednesday, July 23, 2014

Keppel Land posts 12.3% rise in 2Q earnings to $107 mil

Keppel Land said it posted a 12.3% rise in earnings for the 2Q ended June compared to a year ago.

Net profit for 2Q came in at $107 million led by steady overseas sales offsetting a weaker Singapore residential market.

However, revenue for the quarter fell by almost 8% to about $305 million.

Keppel Land said it expects office rents in Singapore to grow, given low vacancy levels and limited new supply. But it expects the residential market to remain challenging for the rest of the year, with home prices expected to moderate further.


 

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