CDL profits fall 8.3% to $156.1m in Q3

Blame lower contributions from its property development segment.

City Developments Limited (CDL) profits slipped 8.3% YoY to $156.1m in Q3.

According to OCBC Investment Research, this was mainly due to the fact that divestment gains recognised last year were higher.

Quarterly revenue fell 6.5% YoY to $863.1m as contributions from the property development segment fell.

Here's more from OCBC Investment Research:

The group reported a strong uptake for its launched residential projects in Singapore and, for YTD Sep 2017, CDL and its joint venture associates sold 1,056 residential units in Singapore, more than double the units sold and triple the total sales value during the same period last year.

In addition, management also highlighted that the economy in Singapore is recovering and sees brighter prospects for the domestic property market.