City Developments shaken by 38% profit crash to S$137.7m

This is mostly due to absence of gains from Corporate buildling disposal and leaseback of Studio M.

According to OCBC, City Developments (CDL) reported 2Q12 PATMI of S$137.7m, which was down 38% YoY mostly due to the absence of gains from the Corporate Building disposal and sale and leaseback of Studio M in 2Q11. 2Q12 revenues came in S$787.8m, down 20% YoY.

Here's more from OCBC:

We continue to see healthy take-up rates at launched projects with 1,299 units sold in 1H12 (1H11: 809) and the group expects to launch two projects in 2H12, which are 508-unit and 912-unit condominiums projects at Alexandra Rd and Pasir Ris Grove respectively. The hotel subsidiary, Millennium & Copthorne, reported 1H12 PATMI of GBP58.4m, down 6% though RevPar was up 4.6% for a like-for-like basis.

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