Bloomberg News

City Developments Fourth-Quarter Profit Declines 32%, Missing Estimates

February 28, 2012

City Developments Ltd. (CIT), Singapore’s second-largest real-estate company, said profit in the fourth quarter declined 32 percent from a year earlier.

Net income for the three months ended Dec. 31 slid to S$163.2 million from a revised S$241 million in the same period a year ago. That lagged behind the S$167.8 million average of eight analysts’ estimates compiled by Bloomberg. Revenue climbed 7.4 percent to S$721.5 million, compared to the S$738.2 million estimated by analysts. Revenue in the same period a year ago was restated at S$672 million

A unit of City Development paid $157.6 million including assumed debt for a stake in Thailand Shareholder Investments Ltd., it said on Jan. 12. The Thai company owns stakes in retail and hotel developments in Phuket and Bangkok, it said.

To contact the reporter on this story: Pooja Thakur in Singapore at pthakur@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net


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