CityDev’s net profit up 2.8% to $123m in Q1

Due to good performance from properties and hotels.

City Developments Limited reported that its net profit grew 2.8% year-on-year to $123m in the first quarter.

The increase was on back of stronger results from its property development segment and its hotel portfolio.

The group enjoyed contributions from property development projects such as Coco Palms, D’Nest and Jewel @ Buangkok. However, these were partially offset by absence of contribution from projects that were completed last year.

The higher hotel revenue was driven by income from new hotels acquired in 2014, coupled with better performance from refurbished hotels.

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