City Development's hotel contributions plunged 36% to $160m

Blame it on lower room inventory.

According to DBS, City Dev reported 4Q revenue of S$774.4m, bringing FY13 topline to S$3.16bn, 6% down y-o-y.

However, 4Q net profit came in at $221m, with full year bottomline at S$683m, up 0.7% y-o-y.

Here's more from DBS:

The improvement in net profit was due to a pre-tax divestment gain of S$160m and lower effective tax rate, partly moderated by a S$24m impairment charge on a US hotel.

The group proposed a final DPS of 8Scts, bringing full year DPS to 16Scts.

Development contributions, which accounted for 46% of PBT, was down 12% y-o-y to S$412m due to the timing of profit recognition.

This includes profit from 3 EC projects which will be recognised only on completion. Projects that lifted bottomline include Hundred Tress and Tree House.

Hotel contributions declined 36% to S$160m, impacted by a lower operating room inventory due to upgrading works despite a portfolio REVPAR growth of 3.4%.

Stripping out divestment gains, rental income would have remained relatively flat.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia