Recycling of Assets Lifts Profits
- Net profit dropped marginally by 3.3% y-o-y at $308 million on lower contribution from property trading
- Contributions from property investment and fund management rose, accounting for a higher share of 34.4% and 15.8% of net profit respectively
- Net tangible asset per share rose to $4.59, 10.6% higher compared with $4.15 as at end-September last year
- Net debt/equity ratio improved to 0.37x
Profit from property trading fell by 34.6% y-o-y to $135.9 million on lower contributions from Singapore and China projects as well as an absence of tax write-back. Profit from property investment rose by 1.2% y-o-y to $92.5 million due to increased contribution from Marina Bay Financial Centre Tower 3 (MBFC Tower 3) and share of Keppel REIT’s gain from divestment of Prudential Tower. Property investment’s share of net profit rose to 34.4% compared with 29% for the same period last year.
Earnings from fund management grew by 14.6% y-o-y to $42.5 million as a result of higher fee income from Keppel REIT and improved performance from Alpha Investment Partners (Alpha). Fund management made up a larger share of net profit at 15.8% of net profit compared with 11.8% in the same period last year.
Net tangible asset per share rose to $4.59 as at end-September 2014, up by 10.6% from $4.15 as at end-
September 2013. PB ratio is about 0.70x with annualized ROE is around 6%.
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