City Developments 1Q13 profit dropped 12% to $137.7m

Blame it on the absence of disposal gain.

According to Maybank Kim Eng, City Development’s (CDL) 1Q13 PATMI came in at S$137.7m, down 12% YoY mostly due to the absence of a disposal gain from the Tagore Avenue warehouse sale in 1Q12, partially offset by gains from strata units sales in non-core industrial assets (Elite Industrial Building 1, 2 and Citimac Industrial Complex).

The report also said that the first quarter PATMI now makes up 20% of Maybank Kim Eng's full year forecast, which they judge to be in line with expectations.

"Topline for the quarter was S$763.5m, which decreased 10% YoY mostly due to lower contributions from the property development segment and again within view," Maybank Kim Eng said.

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